ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2023-10-03  |  UPDATED: 1402/07/11 - 01:09:2 FA | AR | PS | EN
Saudi al-Ittihad refuse to take field against Irans Sepahan, referee calls off match            No Turkey-Syria normalization unless Ankara withdraws forces from Arab country: Deputy FM            Wagner chiefs son to take over command of paramilitary group             Five years since Khashoggi murder, justice denied as MBS befriends Biden             Trump arrives in New York court for fraud trial proceedings            UN to vote on sending foreign troops to Haiti            Catalans march in Barcelona on 6th anniversary of independence referendum            Iran says supports expansion of regional transportation routes             Erdogan: Turkey no longer expects anything from EU            Iraqi president raps violations after Turkish airstrikes in Kurdistan region            UK awards 4.6bn nuclear sub contract to own firm after France snubbed            EU in unchartered waters amid strained France-Germany ties            Saudi Arabia faces budget deficit after expectations of surplus             At least 13 dead in Spain nightclub fire            European Union prepares long-term security commitments for Ukraine: Eu foreign policy chief            


DATE PUBLISHED: 1400/05/20 - 23:01:0
VISIT: 6142
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

Saudi Arabia faces budget deficit after expectations of surplus


Billionaire investor Ray Dalio says Americas growth is at risk of falling to zero


UK recession risk grows with cost-of-living crisis hitting businesses


IMF to urge China to shift growth model towards consumption


US imposes sanctions on Russian automakers


Irans oil output up 5% to 3 mln bpd in August: OPEC data


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





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Israels new aggression injures 2 soldiers in eastern Syria

Saudi al-Ittihad refuse to take field against Irans Sepahan, referee calls off match

No Turkey-Syria normalization unless Ankara withdraws forces from Arab country: Deputy FM

Wagner chiefs son to take over command of paramilitary group

Five years since Khashoggi murder, justice denied as MBS befriends Biden

Trump arrives in New York court for fraud trial proceedings

UN to vote on sending foreign troops to Haiti

Catalans march in Barcelona on 6th anniversary of independence referendum

Iran says supports expansion of regional transportation routes

Erdogan: Turkey no longer expects anything from EU

Iraqi president raps violations after Turkish airstrikes in Kurdistan region

UK awards 4.6bn nuclear sub contract to own firm after France snubbed

EU in unchartered waters amid strained France-Germany ties

Saudi Arabia faces budget deficit after expectations of surplus

At least 13 dead in Spain nightclub fire

European Union prepares long-term security commitments for Ukraine: Eu foreign policy chief

UN mission in Nagorno-Karabakh amid exodus of ethnic Armenians

Terrorists will never succeed in destroying Turkeys peace: Erdogan

Biden urges US Congress to approve Ukraine aid left out of deal

Turkiye: Suicide blast near parliament & interior ministry in Ankara

UNs Afghan mission condemns arrest of womens activists

British training troops in Ukraine could be legitimate targets, warns Medvedev

Indias diplomatic mission in UK slams disgraceful incident at Glasgow Sikh temple

Massive rallies against Israeli regimes policies drag into 39th straight week

US House passes 11th-hour temporary bill to keep govt. funded for 45 days

Medvedev says Russia will gain new regions in Ukraine

Heavy rains flood streets in New Yorks Hudson Valley

Qatar calls for Israeli nuclear facilities to be subjected to IAEA safeguards

More than 2,500 refugees dead, missing crossing Mediterranean in 2023

Olympics officials overrule French govt. ban on Muslim hijab

Billionaire investor Ray Dalio says Americas growth is at risk of falling to zero

Scores killed in two separate blasts targeting mosques in Pakistan

Japanese protesters rally against military expansion amid high inflation

Iran foils serial assassination plot against clerics, judges, IRGC members

Biden launches wide-ranging attack on Trump

World on Verge of Transformation: Iran Leader

Geopolitical Aftershocks of Latest Karabakh Developments

Russia plans funneling massive resources into Ukraine offensive to fight hybrid war

2 people shot dead in Netherlands; 5 stabbed in school in Spain

Mujahid claims some circles are deliberately spreading false intelligence on Afghanistan


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