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Trump’s Russia threat rings hollow
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Opec secretary-general Haitham al-Ghais (left) with Saudi Arabian energy minister Prince Abdulaziz bin Salman Al-Saud at the Opec meeting
Oil markets Opec US
Simon Ferrie
6 October 2022
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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
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
Brazil looks to solve its energy security travails
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
India ready for turbulent times
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector

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