• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 7 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 20 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Gold Prices Soar Past $2,150 After Bullish Rally

Gold Prices Soar Past $2,150 After Bullish Rally

Precious metal prices experienced a…

Tajikistan’s Controversial Roghun Dam 'Too Big to Fail'

Tajikistan’s Controversial Roghun Dam 'Too Big to Fail'

Tajikistan is pushing forward with…

The White House Is In A Panic To Stop The OPEC+ Production Cut

The White House is up in arms to try and prevent a potentially major production cut in OPEC+ just a month before midterm elections when the current administration least needs higher prices at the pump.

According to a CNN report, all available human resources in the administration have been mobilized, with the White House “having a spasm and panicking,” per one unnamed official.

According to the latest reports on OPEC+, the extended cartel is considering a production cut as deep as 2 million barrels daily. This would be the biggest cut in production since the first pandemic year when lockdowns destroyed demand.

“It is hard to overstate how anxious the Biden administration is about a potential resurgence in oil prices,” Bob McNally, of Rapidan Energy, told Bloomberg ahead of the OPEC+ meeting, which is taking place later today in Vienna.

“A large OPEC+ cut would antagonize the White House though officials may wait to see how prices respond afterward before pulling the trigger on policy responses.”

Indeed, CNN reports that some of the talking points drafted in a state of urgency by the White House had suggested the OPEC+ production cut is viewed as “a hostile act”.

Figures such as Amos Hochstein, Janet Yellen, and BrettMcGurk have been tasked with making the case for no cuts with Gulf nations, with the CNN reporting noting that the Treasury Secretary’s talking points would focus on potential reputational damage in the West for the Gulf OPEC members that support the cut.

“There is great political risk to your reputation and relations with the United States and the west if you move forward,” CNN cited a talking points draft as saying.

ADVERTISEMENT

The main argument that is being put forward in the lobbying effort, however, is the one about the adverse effect tighter oil supply would have on the global economy right now.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on October 05 2022 said:
    The US won’t ban LNG exports to the EU because it doesn't want to miss its best chance in a lifetime of milking its allies by selling them its LNG at the highest price in the market.

    Another reason is that without US LNG exports to the EU, energy prices would have even climbed much higher than now with much more disastrous damage to Europe’s economy.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News