OPEC Archives - The Arizona Sun Times

Saudi Arabia Confirms That Biden Pressured OPEC to Delay Oil Production Cuts Until November

October 14, 2022October 13, 2022 Arizona Sun Times Staff

Saudi Arabia’s foreign ministry issued a rare statement Wednesday confirming that the Biden administration pressured OPEC+ to delay oil production cuts until November.

The OPEC+ oil cartel, which includes Russia, slashed production by two million barrels per day (bpd) on Oct. 5 prompting the White House to threaten consequences for Saudi Arabia due to the ensuing jump in gas prices. The Saudi Foreign ministry responded on Oct. 12 with a lengthy defense of the decision, resisting pressure amid discussions with the U.S. to delay a decision until November, when it might be too late for the price hike to affect midterm election prospects, according to The Associated Press.

Biden Turns to Communist Dictatorship for Oil After OPEC Slashes Production

October 10, 2022October 9, 2022 Admin

The Biden administration proposed a deal that will ease sanctions on Venezuela, allowing Chevron to pump oil in the country after the consortium agreed to its largest production cut since the COVID-19 pandemic, The Wall Street Journal reported Wednesday.

The U.S. will unfreeze hundreds of millions of dollars of Venezuelan state funds held up in American banks and in exchange, the country will allow Chevron to produce oil on its lands, according to the WSJ, which cited sources familiar with the deal. The proposal comes after OPEC agreed earlier on Wednesday to cut oil production by two million barrels a day, a decision the White House called “shortsighted,” according to a statement.

Gas Guru Predicts Massive Price Increase at the Pump

October 7, 2022October 6, 2022 Arizona Sun Times Staff

Recent production cuts by OPEC are predicted to raise gas prices by 15 to 30 cents, according to energy analyst Patrick De Haan.

De Haan’s prediction, if accurate, will leave gas prices at an estimated $3.95 to $4.10 per gallon, according to U.S. gas averages recorded by AAA. While current gas prices are not directly tied to oil supply on a day-to-day basis, the dwindling gas supply in America will eventually feel a ripple effect as the oil supply continues to be reduced.

Gas Prices Rise for Two Straight Weeks, OPEC Expected to Drive Them Higher

October 6, 2022October 5, 2022 The Center Square

Gas prices have continued to rise over the past two weeks, and now OPEC has announced a major decision that will likely drive those prices higher.

OPEC said Wednesday that it would reduce oil production beginning in November by 2 million barrels per day. OPEC, the Organization of Petroleum Exporting Countries largely based in the Mideast, said in a statement it made the decision “in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive…”

Biden Asks Asian Countries to Release Oil Reserves as Administration Scrambles to Combat High Gas Prices: Report

November 22, 2021November 21, 2021 Arizona Sun Times Staff

The Biden administration asked China, Japan, South Korea and India to tap into their emergency oil reserves as the president continues to grapple with rising gasoline prices, Reuters reported.

The effort to simultaneously release oil reserves represents a rebuke of the Organization of the Petroleum Exporting Countries (OPEC), the cartel that controls oil production throughout the Middle East, several anonymous sources familiar with the request told Reuters on Wednesday. OPEC has repeatedly rejected requests from President Joe Biden and other top administration officials to increase oil production amid rising gasoline prices.

The four Asian nations the president appealed to represent some of the largest energy consumers and greenhouse gas emitters, according to a University of Oxford database.

As Fuel Costs Rise Heading into the Winter, Biden May Utilize Strategic Reserves

November 9, 2021November 8, 2021 Arizona Sun Times Staff

As the supply chain crisis continues to worsen, Americans can expect to pay higher energy costs in order to maintain heating in the coming winter, says Secretary of Energy Jennifer Granholm.

In an interview with CNN’s Dana Bash on Sunday, Granholm said “this is going to happen…it will be more expensive this year than last year.”

While Granholm claimed that “we are in a slightly beneficial position…relative to Europe,” she nonetheless admitted that the United States has “the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires.”

‘Pathetic’: U.S. Energy Supporters Blast Biden Administration’s OPEC Request

August 12, 2021August 11, 2021 The Center Square

With gasoline prices up more than $1 a gallon over the past year, the Biden administration took heat Wednesday over a statement from National Security Advisor Jake Sullivan pressuring OPEC nations to increase oil production.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic,” Sullivan said. “While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022. At a critical moment in the global recovery, this is simply not enough.”

Oil Reaches Highest Price in Six Years Amid Low Supply, Output

July 8, 2021July 7, 2021 Arizona Sun Times Staff

Oil prices climbed to a six-year high Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) and Russia continue to tamp down on global output, The Wall Street Journal reported.

An OPEC meeting was called off Monday, the WSJ reported. It was the group’s third attempt to discuss surging prices and an increase in oil consumption amid an opening global economy.