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US Administration Pushing Against OPEC+ Cuts

OIL

The US is pushing OPEC+ nations not to cut production ahead of reports that the group could announce deep cuts later today.

  • The Biden Administration has been under intense pressure to keep prices down at the pumps after record high prices this summer.
  • The US is arguing to OPEC+ that economic fundamentals do not support an output cut.
  • Sources suggest OPEC+ is working on cuts of over 1mn bpd – though the impact of them could be far less given the group has struggled to even come close to current targets.
  • Russia is reported to be in favor of cuts to support higher prices. It would also support Russia with signs it is struggling to find destinations for all of its crude flows – which would be exacerbated after the EU import ban.
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The US is pushing OPEC+ nations not to cut production ahead of reports that the group could announce deep cuts later today.

  • The Biden Administration has been under intense pressure to keep prices down at the pumps after record high prices this summer.
  • The US is arguing to OPEC+ that economic fundamentals do not support an output cut.
  • Sources suggest OPEC+ is working on cuts of over 1mn bpd – though the impact of them could be far less given the group has struggled to even come close to current targets.
  • Russia is reported to be in favor of cuts to support higher prices. It would also support Russia with signs it is struggling to find destinations for all of its crude flows – which would be exacerbated after the EU import ban.