OPEC+ cuts production once more amid stagnant decline in gasoline prices in the US… Concerns regarding the impact of midterm elections
Biden plans to negotiate with Congress on measures to curb OPEC’s influence on energy prices
US President Joe Biden expressed disappointment by strongly criticizing the policy of OPEC+ (OPEC+), a consultative group between the Organization of Petroleum Exporting Countries (OPEC) and major non-OPEC oil producing countries such as Russia, as a short-sighted decision.
In the midterm elections on the 8th of next month, the US decided to release additional strategic oil reserves next month as inflation became a major issue.
The White House released a statement on the 5th (local time) in the name of National Security Adviser Jake Sullivan and National Economic Council Chairman Brian Diess, saying, “The president is optimistic regarding the OPEC+ response to the negative impact of Putin’s invasion of Ukraine on the global economy. “I was disappointed with the short-sighted decision to cut production,” he said.
“Maintaining an international supply of energy is the most important thing at this point,” he said.
After emphasizing that the price of gasoline at US gas stations has fallen by regarding $1.2 per gallon in recent years, the White House said, “The actions the President has taken with his allies at home and around the world have contributed to stabilizing gasoline prices in the United States.” did.
In response, President Biden directed the release of an additional 10 million barrels of oil from its strategic stockpile in November and asked whether additional measures might be taken to boost domestic energy production in the near term, the White House said.
“The President will continue to direct the release of strategic oil reserves as necessary to protect American consumers and enhance energy security,” the White House said.
President Biden also asked refiners to cut product prices to cut margins, and agreed with Congress to discuss measures to reduce OPEC’s influence on energy prices.
At the same time, the White House emphasized the importance of the transition to clean energy by discussing a method to reduce inflation, which is attracting attention due to discrimination once morest Korean electric vehicles.
The White House said “inflation
Earlier, OPEC+ announced in a statement following the monthly ministerial meeting that it had decided to cut production by 2 million barrels per day in November from the previous month.
President Biden responded to the decision by issuing a statement at the White House level, apparently because he was concerned that oil prices might negatively affect the November midterm elections.
Gasoline prices, which once soared to an average price of more than $5 per gallon, have been on a downward trend for a while, but have recently stagnated at an average of around $3 per gallon. .
In addition, President Biden abandoned his beliefs regarding human rights issues under the pretext of setting oil prices and visited Saudi Arabia, which is influential in the international oil market, but Saudi Arabia is not actively cooperating. is cited
As President Biden concluded his visit to Saudi Arabia in July, he said, “I am looking forward to what will happen in the next few months,” suggesting that additional measures may be taken at the OPEC+ level. They are moving in the opposite direction while making the decision to cut production.
/yunhap news