Opec secretary-general Haitham al-Ghais (left) with Saudi Arabian energy minister Prince Abdulaziz bin Salman Al-Saud at the Opec meeting
Opec+ decision fallout grows
Crude price gains will not be the only result of the cartel’s decision to cut production
US president Joe Biden is “disappointed” by Opec+’s “short-sighted decision” to cut production by 2mn bl/d compared with August levels from November. The White House statement cites the “continuing negative impact” of Russia’s invasion of Ukraine and suggests the effect will be most significant “on lower- and middle-income countries that are already reeling from elevated energy prices”. “The Biden administration will also consult with Congress on additional tools and authorities to reduce Opec’s control over energy prices,” the statement says. Lawmakers in Washington have long mooted anti-trust legislation against Opec, but the proposals have previously stalled. “The president will continue
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
