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PM Draghi Discussed Creating 'Cartel' Of Oil Buyers w/Biden

ITALY
markets-real-timePolitical RiskPolitical Risk BulletBulletMarketsFixed IncomeForeign ExchangePolitical Market News

Following his meeting with US President Joe Biden at the White House, Italian PM Mario Draghi stated that he and Biden discussed creating a 'cartel' of oil buyers, and that they also talked about making a request to OPEC to boost oil production.

  • Draghi: "We must continue to support Ukraine and put pressure on Moscow, but we must also begin to ask ourselves how peace is built"
  • Draghi says that many gas importers already have accounts for rouble transactions with Gazprom. Calls the issue a 'grey area', adding that it is not clear what would be classed as a breach of sanctions re: rouble payments for gas.
  • Draghi on EU 'strategic autonomy': "There is a lot of duplication...[EU needs] a conference of all member states to rationalise military spending before we start thinking about increasing military spending. The two things will necessarily go together..."
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Following his meeting with US President Joe Biden at the White House, Italian PM Mario Draghi stated that he and Biden discussed creating a 'cartel' of oil buyers, and that they also talked about making a request to OPEC to boost oil production.

  • Draghi: "We must continue to support Ukraine and put pressure on Moscow, but we must also begin to ask ourselves how peace is built"
  • Draghi says that many gas importers already have accounts for rouble transactions with Gazprom. Calls the issue a 'grey area', adding that it is not clear what would be classed as a breach of sanctions re: rouble payments for gas.
  • Draghi on EU 'strategic autonomy': "There is a lot of duplication...[EU needs] a conference of all member states to rationalise military spending before we start thinking about increasing military spending. The two things will necessarily go together..."