President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market.
OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.
Take Norway. It leads the world in the adoption of electric cars, installation of heat pumps and also electricity – 98 per cent of which comes from hydro and other renewables. In those senses it is the country that our government wants us to be. Yet last month the Norwegian government approved an $18 billion investment programme by the state oil company to develop 19 new oil and gas fields.
The Supreme Court is hearing a case today that, if successful, could mean the end of new fossil fuel projects in the UK on climate grounds.
OPEC+ cuts output by about 1.16 million bpd
Oil posts biggest daily rise in nearly a year
Producer group acted after oil hit $70 a barrel
Goldman Sachs raises Brent price forecast to $95 for 2023
Saudi Aramco stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day (bpd) if requested to do so by the Saudi Arabian government, Chief Executive Amin Nasser told reporters on Sunday.
There’s an easy way for America to prevent another shock in world markets: Produce more oil.
Demonizing the Kingdom of Saudi Arabia for refusing to politicize oil production while the U.S. negotiates an Iran nuclear deal that will fund the programs that let Tehran launch missiles at Saudi oil fields is scapegoating.
The Saudi Arabian government on Wednesday night rejected White House criticism over a decision by a cartel of key oil-producing countries to cut production of the much-needed resource and confirmed the Biden administration requested it delay until after the U.S. midterm elections.
The US Oil & Gas Association mocked President Biden on Wednesday for seemingly having no other options to counter rising gas prices than turning to the U.S. oil industry his administration has snubbed.
Although Biden has denied that a Saudi Arabia trip would be largely focused on convincing them to pump more oil – at a time when the U.S. is seeing record-high gas prices – some U.S. officials noted that the subject is a big reason for the upcoming visit, according to NBC News.
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