Forbes: OPEC Says To Biden: If You Want More Oil, Pump It Yourself
OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if the United States believes the world’s economy needs more energy, then it has the capability to increase production itself.
The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-member top producers guided by Russia, approved an increase in production of 400,000 barrels per day for the month of December.
Several OPEC ministers have expressed concern over loosening the taps, wary of renewed setbacks in the battle against the pandemic and the slow speed of economic recovery.
Countries claim that because demand is not yet high enough to justify increased production, there is a risk of market distortion.
Luckily for consumers, OPEC members also have a rich history of cheating.
Read more ....
Update #1: OPEC+ Rejects Biden Plea (Rigzone/Bloomberg)
Update #2: Biden's other setback: OPEC+ ignores his plea for help (The Hill)
WNU Editor: Apparently the Biden administration has a plan .... Biden Weighs Tapping Strategic Reserves As He Threatens OPEC+ With "Undisclosed Tools" (Zero Hedge).
3 comments:
Democrats get bitch slapped with the truth.
Unfortunately Joe will never meet the truth again; his Alzheimers has advanced too far.
“Congratulations Milwaukee Bucks. The best of luck for the rest of this season – hahaha actually this season is just beginning for us here. But all kidding aside, best of luck next year but you all are the best.
Now, I think I’m supposed to introduce somebody but I’m not sure who I’m supposed to introduce.”
Taking on our strategic reserves for daily problem is fully crazy!
Tapping the strategy reserve is always an awful, short term idea Imo. I love that OPEC leaders have told Biden the obvious. It's something that could be done relatively easily too as we saw during the previous administration. Sadly the misguided, out of touch fool will never learn or listen..
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