Criticism of OPEC+ decision to cut production again “It’s disappointing…I’m looking for alternatives”
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(Washington = Yonhap News) Reporter Kang Byung-cheol = US President Joe Biden said, “That remains to be seen” about whether to meet Russian President Vladimir Putin at the G20 summit on November 6 announced on the one day (local time).
As President Biden left the White House to move to New York on the same day, he answered a question about whether he would meet with Putin to discuss Ukraine issues during the G20, according to a reporter from the White House Pool.
When asked if he would meet President Xi at the G20 summit on the 6th of last month, President Biden said, “I’m sure if President Xi comes, I will meet President Xi.”
This year’s G20 summit will be held in Bali, Indonesia between November 15 and 16. The G20 includes 20 major countries around the world, including Korea, the United States, the United Kingdom, France, Germany, China, and Russia.
President Biden also said the previous day that the decision by the Organization of the Petroleum Exporting Countries (OPEC) Plus to cut production was “disappointing and problematic”.
When asked if he was considering alternatives, he replied, “I’m looking for alternatives,” but for specific alternatives, “I haven’t decided yet.”
Asked if he regrets visiting Saudi Arabia in July, Biden said, “It wasn’t really about oil.” “The trip was about the Middle East and Israel.”
Earlier, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, a consultative group of major non-OPEC oil producers such as Russia, announced a decision the day before to cut production by 2 million barrels per day in November.
President Biden abandoned his faith in human rights diplomacy and visited Saudi Arabia in July, but OPEC+ is reducing production.
With the decision to cut production by OPEC+, US gasoline prices are expected to rise again ahead of the mid-term elections in November.
In addition, the United States believes that Russia is mobilizing Ukraine’s war reserves with the money secured through the export of crude oil, and is trying to cut oil prices as one of the measures to reduce this.
In this situation, Saudi Arabia’s move with Russia, which is trying to maintain high oil prices, is also a motivating factor for the United States.
President Biden said the day before that he would consult with Congress on measures to reduce OPEC’s influence on energy prices.
In this regard, US media reported that the ‘Non-Producing Export Cartel Prohibition’ (NOPEC) bill, proposed to protect US companies and consumers from oil price fixing, is attracting attention.
If the bill, which passed the Senate Judiciary Committee, goes into effect, the US government could sue the OPEC+ countries. OPEC+ countries and their energy companies are currently subject to the sovereign immunity provisions of the US Antitrust Act.
soleco@yna.co.kr
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2022/10/07 00:32 Send
