In its first meeting since announcing cuts in October, the alliance of oil-exporting countries left its targets for global oil production in place.
The president softened his stance on punishing Saudi Arabia. The photo was taken by MANDEL NGAN/ AFP.
Several countries plan to cap the price of Russian oil, as punishment for Russia's invasion of Ukraine, and the European Union is poised to ban many Russian oil imports, which is why the Organization of the Petroleum Exporting Countries decided to keep its current oil production projections.
The Biden Administration is no longer trying to retaliate against Saudi Arabia for cutting oil production in October, as the cuts have not raised gas prices in the US, according to NBC.
According to the Wall Street Journal, American officials said they wouldn't criticize the bloc if it left its production cuts in place.
Saudi Arabia was threatened with consequences by the Biden Administration after it was decided to reduce oil production. The move was criticized by the White House as one that aligned with Russian interests and was intended to cause gas prices to go up in the run up to the election. The administration told NBC that it will continue to assess relations with Saudi Arabia in line with what it wants.
There was aContra.
The October decision to slash production was driven by market considerations and recognized in retrospect by the market participants as the right course of action towards stabilizing global oil markets, according to a Sunday statement from the Organization of the Petroleum Exporting Countries.
The price of Russian oil is going to be capped by the Group of Seven. Russian officials said Sunday they would not sell oil to countries that imposed price caps.
Is there a payback for the cuts of the oil company? The report says Biden may press the U.S. companies to limit Saudi business.
The consequences for Saudi Arabia over oil production cuts are pledged by Biden.
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