Commentary The Left used to accuse imperialist, resource-hungry Yanquis in Washington of cutting selfish deals with illiberal dictatorships in Latin America to grab their natural resources. How odd then that President Joe Biden is now begging the despicable Maduro regime in Venezuela—corrupt, murderous, and anti-American—to produce more of its oil solely to send northward to…
Biden’s Saudi Threats Are Reckless, Dangerous
Commentary In an interview this week with Jake Tapper, President Joe Biden made veiled threats against the Kingdom of Saudi Arabia (KSA) as retaliation for OPEC’s cutback of 2 million barrels of oil per day. “There’s going to be some consequences for what they’ve done with Russia. I’m not going to get into what I’d consider…
Congressman Urges Probe of Claims Biden Admin Officials Asked Saudi Arabia to Delay Oil Cuts
October 14, 2022
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Business & MarketsenergyExecutive BranchGold and CommoditiesInternationalJoe BidenMarketsMiddle EastOilOPECPoliticsRepublicansSaudi ArabiaUSUS NewsWhite HouseWorld
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Rep. Tom Tiffany (R-Wis.) on Thursday urged House Speaker Nancy Pelosi (D-Calif.) to formally investigate whether Biden administration officials suggested Saudi Arabia delay the decision of a group of key oil-producing countries to cut oil output until after the midterms. Tiffany wrote to Pelosi asking for the Congressional probe after Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan…
OPEC+ Oil Supply Cuts Could Push World Into Recession: IEA
October 13, 2022
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Business & MarketseconomyenergyinflationInternationalMiddle Eastoil supply cutOPECrecessionUSUS NewsWorld
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The International Energy Agency (IEA), which includes the United States as a key member, has warned that the recently announced OPEC+ oil supply cuts could push up energy prices, adding fuel to “unrelenting inflationary pressures” and tipping the world into a recession. The agency said in its latest oil market report, released on Oct. 13,…
OPEC+ Production Cut an Opportunity for Canada, US to Re-examine Their Energy Policies
News Analysis The latest production cut announced by the OPEC+ oil cartel brings to light vulnerabilities but also opportunities in North American energy policy. Canada faces higher inflation as its dollar remains weak despite the rise in the price of oil, while the United States continues to draw on emergency resources though this is expected…
OPEC Cuts 2022, 2023 Oil Demand Growth View as Economy Slows
October 12, 2022
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Business & Marketscuteconomic policieseconomyenergyEuropeglobalGold and CommoditiesinflationInternationalMarketsOilOPECrecessionWorld
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LONDON—OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or 2.7 percent in 2022, the…
Senate Foreign Relations Committee Chair Calls to ‘Freeze’ US-Saudi Cooperation
U.S. Sen. Bob Menendez (D-N.J.), chair of the Senate Foreign Relations Committee, on Monday called for the United States to “immediately freeze” all cooperation with Saudi Arabia after Russia’s air strikes in Ukraine. Menendez cited the kingdom’s decision with the Organization of the Petroleum Exporting Countries, or OPEC+, cartel to cut oil output by 2 million…
The Beginnings of an All-Out Energy Catastrophe
Commentary Those waggish stickers we’ve been seeing at gas pumps, with President Joe Biden pointing to the inflated price, saying “I did that,” won’t be going away any time soon now that OPEC is cutting global oil supplies by two million barrels a day. But too few realize that this White House’s foreign policy is…
Kremlin Praises OPEC+ for Countering US ‘Mayhem’
October 10, 2022
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Business & Marketscrisiseconomic policieseconomyenergyEuropeGold and CommoditiesInternationalMarketsMayhemOPECRussiaUkraineUSWorld
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MOSCOW—The Kremlin on Sunday praised OPEC+ for agreeing on production cuts that had successfully countered the “mayhem” sown by the United States in global energy markets. The White House pushed hard to prevent the output cut. Biden hopes to keep U.S. gasoline prices from spiking again ahead of midterm elections in which his Democratic party…
OPEC Oil Cuts Bad for Global Economy, Says Yellen
Treasury Secretary Janet Yellen said a decision by the OPEC+ grouping to cut oil production was “unhelpful and unwise” for the global economy, especially emerging markets, the Financial Times said on Sunday. “We’re very worried about developing countries and the problems they face,” Yellen told the newspaper in an interview. She also criticized allies for…
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