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.
Tag: Oil (Petroleum) and Gasoline
US Considers Easing Sanctions on Venezuela as Migration Surges
The Biden administration may allow the last American company producing oil in Venezuela to resume exports if the Maduro government takes steps to restore democracy.
Poland Says Druzhba Pipeline Leak Was Probably an Accident
News of the episode raised energy security concerns, but a Polish energy official said there was no reason to suspect sabotage.
Biden Vows ‘Consequences’ for Saudi Arabia After Oil Production Cut
Angered by the kingdom’s decision to team up with Russia, President Biden signaled openness to retaliatory measures, including a halt to arms sales and allowing price-fixing lawsuits.
Europe’s Energy Crisis Exposes Old Fault Lines and New Power Dynamics
Smaller countries see Germany’s domestic largess to tackle spiraling energy costs as undermining the effort to lower fuel prices for the wider European Union.
Biden’s Choice After OPEC Cuts: Woo Saudi Arabia, or Retaliate?
The announcement by the Saudi-led OPEC Plus energy cartel that it would slash oil production was widely seen in Washington as a stab in the back of President Biden.
New E.U. Sanctions Against Russia Lay Out a Cap on Oil Prices
The measures come in response to Moscow’s recent escalation of the war, and a day after global oil producers decided to cut Russia’s crude supply, increasing its value on the world market.
Biden Administration Pushes Oil Producers to Keep Production High
U.S. officials have been in talks with oil-producing countries in an effort to prevent global oil prices from rising sharply.
E.U. Negotiators Strike Deal on Russian Oil Price Cap
The cap, championed by the United States, would deprive the Kremlin of tens of billions of dollars annually. Experts warn that implementation will be difficult.
Small Leak Is Still Visible From Nord Stream 2 pipeline, Swedish Officials Say
Damage to the gas line was discovered last week under the Baltic Sea.