Washington sees OPEC Plus’s decision to cut oil production as support for Russia, but Saudi Arabia had legitimate economic reasons for pushing it.
Tag: Organization of the Petroleum Exporting Countries
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U.S. to Release Millions More Barrels of Oil to Contain Gas Prices
The Department of Energy will release 15 million more barrels from the Strategic Petroleum Reserve and plans additional releases this winter.
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Saudi Arabia and U.S. Trade Accusations Over Oil Cuts
The kingdom said it had rejected the Biden administration’s urging for a one-month delay to the reduction in output. That could have prevented a price spike before the American midterm elections.
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Biden to ‘Re-Evaluate’ Relationship With Saudi Arabia After Oil Production Cut
Angered by the kingdom’s decision to team up with Russia to slash petroleum output, the president signaled openness to retaliatory measures proposed in Congress, including a halt to arms sales and a new antitrust measure.