• 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
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

U.S. Tries To Patch Things Up With OPEC After SPR Release

The United States is taking a crack at improving its relations with OPEC—notably with Saudi Arabia—after the federal government repeatedly blamed the group for high U.S. retail fuel prices and then announced the release of 50 million barrels of crude from the strategic petroleum reserve to push international oil prices down.

Bloomberg's Javier Blas reported this week that White House senior energy security advisor Amos Hochstein has traveled to the Middle East, where he met with government officials, including Saudi Arabia's Energy Minister Abdulaziz bin Salman.

"We discussed areas where the U.S. and Saudi Arabia can partner to invest in the energy transition and collaborate to build a 21st century clean energy architecture," the senior Washington official said, as quoted by Bloomberg.

According to unnamed sources familiar with the discussion, the U.S. representative told the Saudi side that Washington supported OPEC decision-making, although President Biden and Energy Secretary Jennifer Granholm more than once criticized that very decision making that, according to them, resulted in higher prices for American drivers.

This support for OPEC decision-making on the part of the White House may mend fences with Saudi Arabia but is unlikely to sit well with American oil and gas companies. President Biden's calls on OPEC to increase production earlier this year were received poorly by the U.S. shale patch, which believes it can take care of the supply problem.

Biden has chosen not to approach the local energy industry for help.

"If I were gonna make a call, it wouldn't be long-distance, it would be a local call," said Occidental's CEO Vicki Hollub last month. "I think first you, you stay home, you ask your friends, and you ask your neighbors to do it. And then if we can't do it, you call some other countries."

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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