ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2023-03-26  |  UPDATED: 1400/12/03 - 17:55:1 FA | AR | PS | EN
Russia says open to diplomacy over Ukraine, defends recognition of breakaway regions             Pakistan steps up military operation along Durand Line             Ghani Removed From UN Heads of State List             President Lukashenko: Belarus may purchase Russian S-400 missile systems             Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sides standing             Police throng Ottawa streets in preparation for crackdown on protests            Taliban Delegation Returns to Kabul from Doha             US General: Daesh Concerns Us in Afghanistan             Afghan Women Criticize Bidens Afghan Assets Decision             Afghan U19 Futsal Team Beats Uzbekistan 8-1             Nazi salute shakes up EU parliament             NY attorney general fires back at Trumps defense of financial statements             Ethnic Russians in eastern Ukraine say attacked by govt. forces             NJ police cuff Black teen in fight as white teen watches showdown             US sends F-35 jets to Germany amid rising tensions in Eastern Europe            


DATE PUBLISHED: 1400/05/20 - 23:01:0
VISIT: 4908
SHARE WITH YOUR FRIENDS

US calls on OPEC and its allies to pump more oil


In this file photo pump jacks operate near Loco Hills on April 23, 2020 in Eddy County, New Mexico. (AFP photo)

US President Joe Bidens top aides are pressuring OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery.

Bidens national security adviser Jake Sullivan criticized the worlds major oil producers, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of the global COVID-19 pandemic.

"At a critical moment in the global recovery, this is simply not enough," he said in a statement.

US gasoline prices are running at about $3.18 a gallon at the pumps, up more than a dollar from last year at this time, according to the American Automobile Association.

The unusual statement ratcheted up international pressure and comes as the administration tries to contain a range of rising prices and supply bottlenecks across the economy that have fueled inflation concerns.

Biden has made recovering from the economic recession triggered by the pandemic a key priority for his administration.

The message also underscored the new dynamic between Washington and OPEC since Bidens predecessor, Donald Trump, broke with prior practice in demanding specific policy changes to adjust prices. Trump had threatened to withdraw military support from OPECs leader Saudi Arabia over output, which at the time he thought was too high and hurting US-based drillers.

Bidens administration is pressing countries within OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other big producers, "on the importance of competitive markets in setting prices," Sullivan said. "Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery," he added. "OPEC+ must do more to support the recovery."

International benchmark Brent crude was trading at around $70 a barrel on Wednesday, down half a percent, after the US issued its statement. That is lower than the prices above $77 in early July, but still represents an increase of nearly a third from the beginning of the year.

The Biden administrations push for lower fuel prices grates with its efforts to secure global leadership in the fight against climate change, an agenda anchored by efforts to transition the economy away from fossil fuels toward cleaner energy sources and electric vehicles.

A Republican lawmaker criticized Biden, a Democrat, for his anti-fossil fuel stance, arguing it has discouraged domestic energy production.

"Its pretty simple: if the President is suddenly worried about rising gas prices, he needs to stop killing our own energy production here on American soil," said Republican Senator John Cornyn of Texas, the top US oil producing state.

Robert Yawger, director of energy futures at Japanese bank Mizuho, also critiqued the administrations statement. "I dont know why they arent trying to get US producers to increase production," he said.

US oil production has been stagnant at about 11 million barrels per day (bpd) since the fallout of the pandemic pulled it from a record high of 12.3 million bpd in 2019.

OPEC+ had implemented a record output cut of 10 million bpd, about 10% of world demand, as global energy demand slumped during the pandemic, but has been gradually raising output since. As of July, the cut had been eased to about 5.8 million bpd.

At a meeting held in July, OPEC+ agreed to boost output by 400,000 bpd a month starting in August until the rest of the 5.8 million bpd cut is phased out. OPEC+ is scheduled to hold another meeting on Sept. 1 to review the situation.

The White House on Wednesday also directed the Federal Trade Commission (FTC), which polices anti-competitive behavior in domestic US markets, to investigate whether illegal practices were contributing to higher US gasoline prices.

"During this summer driving season, there have been divergences between oil prices and the cost of gasoline at the pump," Bidens top economic aide, Brian Deese, wrote in a letter to FTC chair Lina Khan.

He encouraged the FTC to "consider using all of its available tools to monitor the US gasoline market and address any illegal conduct."

(Source: Reuters)

 

LINK: https://www.ansarpress.com/english/23589


TAGS:






*
*

*



SEE ALSO

EU to deliver Є500 million to Afghan people


South Korea may punish Tesla


Central bank calls on India to ban cryptocurrency


Imran Khan pledges more development help to Afghanistan


Afghanistans Central Bank slates US plan for frozen funds


India, WFP signs MoU to distribute food grains in Afghanistan


Central Bank: UN Provided $3.1M Cash Aid in Past 3 Months


UK house prices rise at slowest pace as purchase power at historic low, report


Mujahid Denies Claim of Central Banks Inability to Convert USD


Iran increases gas supply to Turkey, pipeline repairs postponed: Report





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Ukraine considering cutting ties with Russia

Russia says open to diplomacy over Ukraine, defends recognition of breakaway regions

Pakistan steps up military operation along Durand Line

Ghani Removed From UN Heads of State List

President Lukashenko: Belarus may purchase Russian S-400 missile systems

Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sides standing

Police throng Ottawa streets in preparation for crackdown on protests

Taliban Delegation Returns to Kabul from Doha

US General: Daesh Concerns Us in Afghanistan

Afghan Women Criticize Bidens Afghan Assets Decision

Afghan U19 Futsal Team Beats Uzbekistan 8-1

Nazi salute shakes up EU parliament

NY attorney general fires back at Trumps defense of financial statements

Ethnic Russians in eastern Ukraine say attacked by govt. forces

NJ police cuff Black teen in fight as white teen watches showdown

US sends F-35 jets to Germany amid rising tensions in Eastern Europe

Talks on Outsourced Airport Operations Still Ongoing: Ministry

EU to deliver Є500 million to Afghan people

Atmars Letter to UN Regarding Afghan Mission Denied: Faiq

Afghan Embassy in US Facing Financial Problems

Karzai: Afghan Girls Must Definitely Return to School

US support for the Taliban/ US supports no armed movement against Afghan government: Envoy

South Korea may punish Tesla

Central bank calls on India to ban cryptocurrency

Three women will host this years Oscars, while ratings continue to plummet

Western leaders should see doctor over Ukraine paranoia, says Russian envoy

GOP boycotts Biden Fed nominees vote as bank fights inflation

Europe pledges $11 M to Afghanistans educational sector

Four dead, 17 missing as Spain trawler sinks off Canada

Putin: Russia does not want war, ready to continue security talks with West

Indias hijab row spreads to its most populous state

Israel trying to sabotage Vienna process as talks enter sensitive stage: Report

Kremlin: US talk of imminent Ukraine invasion baseless hysteria

Moderate Democrats fear party infighting could cost them Congress

NBA: Chicago Bulls 120-109 San Antonio Spurs

Afghan Delegates Meet EU Envoys in Doha

UK to Co-Host Afghan Aid Virtual Summit

Afghanistan U19 Futsal Team Beats Tajikistan

Pakistan denies ISI chief meeting Afghan Jihadi leaders in Turkey

IRC urges US, Europe to reset their policies towards Afghanistan before humanitarian crisis kills more Afghans


MEDICAL NEWS


ANSAR PRESS  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. Ԑ یی