Report: Russia, Saudi Arabia Snub Biden; Refuse To Increase Oil Production
Another humiliation for America under the Biden Administration. President Trump made us energy independent. The Biden Administration came into office and reversed all of President Trump’s pro-energy policies. In addition to destroying thousands of good paying American jobs, the Biden Administration has once again made America dependent on OPEC for our energy needs. What a disaster. Expect many more humiliations like this in the next 3 years.
Report: Russia, Saudi Arabia Snub Biden; Refuse To Increase Oil Production
By Daily Wire, August 19, 2021
The Organization of the Petroleum Exporting Countries (OPEC) and its allies reportedly plan to reject a petition from the Biden administration to pump more oil into the world market.
OPEC+, a coalition of oil-rich countries led by Russia and Saudi Arabia, believes that there is no need for the cartel to bump up its schedule for planned increases in oil output, according to Reuters. Biden requested last week that OPEC+ countries increase output to aid the global economic recovery.
One of the four sources, speaking on condition of anonymity, told Reuters there was no need to release extra oil more quickly, while another said there was no concern that the planned schedule of increases would leave any demand unmet.
Two other OPEC+ sources said the latest data from OPEC and from the West’s energy watchdog – the International Energy Agency (IEA) – also indicated there was no need for extra oil.
OPEC+ is an international cartel of major oil producers which includes the 13-nation OPEC and 10 other countries. The cartel came together in 2016 when OPEC, led by Saudi Arabia, struck an agreement with a group of non-OPEC countries led by Russia to limit oil production with the goal of influencing the global price of oil.
National security advisor Jake Sullivan said in a statement released by the White House last week that OPEC+ should increase its oil output to help drive down prices to help pull the global economy out of a recession caused by widespread government lockdowns and the spread of COVID-19. Sullivan said:
Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic.
While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022. At a critical moment in the global recovery, this is simply not enough.
President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump. Although we are not a party to OPEC, the United States will always speak to international partners regarding issues of significance that affect our national economic and security affairs, in public and private. We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices. Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.
The Biden administration’s petition to Russia and Saudi Arabia comes as the White House has pursued an anti-fossil fuel agenda in the United States, shutting down major oil and gas industry projects and pushing greater investment in green energy.
Source: https://gellerreport.com/2021/08/report-russia-saudi-arabia-snub-biden-refuse-to-increase-oil-production.html/
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