Page 52 - Pec News Today

Financial Times interviews US Treasury Secretary Janet Yellen

US Treasury Secretary Janet Yellen said a decision by Opec+ to cut oil production was "unhelpful and unwise" for the global economy

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday (local time) said that India will navigate through the Organisation of Petroleum Exporting Countries Plus (OPEC+) decision to cut oil production from November by a steeper than expected two million barrels per day (bpd).

OPEC+ decision to cut production a blow to US President Joe Biden's Democratic Party ahead of midterm elections

Biden told reporters on Thursday that his administration is “looking at what alternatives we may have” to bring down oil prices.

Riyadh is playing a realist game in support of its rational self-interest far more effectively than the United States.

The OPEC+ organization's decision this week to cut oil production despite stiff US opposition has further strained already tense relations between President Joe Biden's White House and Saudi Arabia's royal family, once one of Washington's staunchest Middle East allies, according to interviews with about a dozen government officials and experts in Washington and the Gulf.

While the OPEC+ production cut is undoubtedly bullish for oil prices in the short term, it adds to uncertainty for refiners and traders

The White House on Wednesday (local time) expressed disappointment over the announcement of a cut in oil production quotas by Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Oil prices climbed on news that OPEC+ had agreed to cut production by 2 million bpd, but a lack of clarity on how the cut will impact oil markets has limited that rise