Oil: a dramatic snub for Joe Biden

  • Post category:Economy News
  • Reading time:3 mins read

The OPEC decision is a dramatic snub for the US president, who believed he had calmed relations with Saudi Arabia in July and forged a strategic compromise to curb inflation, while pulling the rug out from under the Russia. Its isolation has been broken by the other world hydrocarbon producers, anxious to restore their margins.

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Correspondent in the United States

Reading time: 4 mins

Langer is brewing in Washington after the decision by OPEC+ (13 members of the Organization of the Petroleum Exporting Countries, plus 10 other producing countries including Russia), on Wednesday, to cut oil production by two million dollars. barrels in November. This, notes David Sanger in the New York Times“severely strikes against President Biden’s efforts to avoid a hike in gas prices ahead of the midterm elections (November 8), while undermining those aimed at containing revenues from Russian oil production, which uses it to finance his war in Ukraine”.

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