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- Additional cuts from OPEC+ could drive tensions with leading consuming nations that are trying to fight inflation.
www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-06-05/
May 30, 2023 · Any additional cuts from the group could drive tensions with leading consuming nations that are trying to fight inflation by raising borrowing costs. Washington called OPEC+'s action...
Jun 2, 2024 · The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend production cuts announced last year into 2025....
Apr 3, 2023 · LONDON, April 3 (Reuters) - OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand. The surprise...
- US-Saudi Divisions Are Real; US-Venezuelan Rapprochement May Not Be
- Production Cuts Will Backfire on Saudi Arabia
- Inside The Saudi Calculus on Oil Cuts—And The Us Response
- OPEC+ Decision Raises The Stakes For The Russian Oil Price Cap
- Saudi Arabia and The UAE Are Simply No Longer Us Allies
- Further Reading
It’s been a busy week for energy and economic statecraft issues. The OPEC+ decision to cut production by up to two million barrels per day was seen by many observersas siding with Russia at the expense of the United States and its Western allies. It is no secret that Saudi Arabia was the primary driver of this cut, which Russia supported, and that ...
The OPEC+ production cut is, in part, a Russian effort to inflict economic pain on the United States and Europe to end support for Ukraine’s defense against Russian aggression. However, Washington was genuinely surprised and angered that Saudi Arabia would support a step that, while it may be to its short-term economic benefit, is at odds with Saud...
The decisionby the OPEC+ alliance of oil-producing nations to reduce output beginning next month is probably not aimed solely at President Joe Biden or the United States. But the manner in which it’s being implemented probably is—and it has the potential to be politically damaging for both the president and Democrats. The timing of the cuts—to take...
High oil prices are the single biggest reason why Russia has been able to withstand the shock of Western sanctions. The ruble’s depreciation was short-lived, and the Central Bank of Russia is likely to have more than recovered the three hundred billion dollars of reserves that were frozen by Western central banks at the beginning of the war. Tackli...
That OPEC+ would cut production at its latest meeting was unsurprising, but those cuts amounted to double the volume expected by the market. From Abu Dhabi’s point of view, this was a rational reaction to a looming global recession in 2023. For Riyadh, it’s probably more emotional and betrays an annoyance at European moves to impose price caps on R...
Related Experts: Brian O’Toole, Thomas S. Warrick, Jonathan Panikoff, and Charles Lichfield Image: US President Joe Biden listens to a guest speak during a meeting in the State Dining Room at the White House in Washington, DC on October 4, 2022. Photo via REUTERS/Elizabeth Frantz.
Jun 5, 2023 · Additional cuts from OPEC+ could drive tensions with leading consuming nations that are trying to fight inflation. Washington called OPEC+’s action in April inadvisable.
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Apr 6, 2023 · OPEC+, the Saudi Arabia-led oil producers’ group that includes the 13 OPEC member countries and Russia, announced surprise oil production cuts on 2 April 2023. The cuts will take effect next month and will reduce the supply of crude oil by over 1.1 million barrels per day (bpd), on top of existing cuts of 2 million bpd agreed on in October 2022.
