OPEC Biden intends to temporarily halt oil production after releasing more crude

According to The Wall Street Journal, major oil producers Saudi Arabia and Russia are considering stopping their efforts to increase oil production, according to The Wall Street Journal. Fuel Price.

Journal Reported On Wednesday, leaders in Riyadh and Moscow, led by 14-member OPEC, worked closely with other oil producers. Other members of the cartel, such as the United Arab Emirates, are not convinced that such a stop is necessary, ”the Journal quoted sources familiar with the matter.

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The move follows a joint decision by President Biden on Tuesday morning to reduce the price of 50 million barrels of oil released from the country’s strategic oil reserves, along with India, Britain and China.

Saudi Arabia’s Crown Prince Mohammed bin Salman arrived at the Kansa International Airport in Izumisano, June 27, 2019, ahead of the G20 Osaka Leaders’ Summit. (CHARLY TRIBALLEAU / AFP by Getty Images))

A.D. Established in 1973-74 by Arab OPEC members after the oil embargo Backup used 2005 Katrina was hit by a series of catastrophes, including a hurricane that devastated the Gulf of Mexico’s oil infrastructure. At the time, the Bush administration allowed the release of 20.8 million barrels of crude oil to American producers.

“The reality is that we are always going through those cracks, but we hope to get over it quickly,” Biden told the White House on Tuesday. It will take time but you will soon see gas prices drop.

Proponents of her case have been working to make the actual transcript of this statement available online. Critics still say the release of emergency supplies is a short-term solution to the problem, not an increase in the country’s oil production capacity.

On Thursday, November 19, 2020, he was also known as the “Trembling Jack” in the Oil Field near Dርቲturሊli in the Republic of Bashkortostan, Russia. (Andre Rudakov / Bloomberg in Getty Images)

A gallon of gas averaged $ 3.41 nationwide on Tuesday, up from $ 2.11 a year ago.

Biden asked the Federal Trade Commission to investigate Oil and gas Companies are committing crimes by lowering the price of man-made pumps due to falling oil prices.

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Although Washington tried to persuade Saudi-led OPEC and Russian oil producers to open their pipelines and release more oil, the two groups – calling themselves OPEC + – rejected the pressure. The groups will meet next week to review the agreement reached to increase their oil production.

The agreement aims to increase production by 400,000 barrels per day until next year until the group reaches pre-epidemic levels. A.D. With the closure of the global economy in 2020 and the loss of demand, the group has made significant reductions.

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