Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

U.S. energy secretary has a message for OPEC: Boost oil supply so people don’t get hurt this winter

by
November 5, 2021
in Trading News
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Tesla Stock Is Dropping Again. Third-Quarter Deliveries Aren’t Its Biggest Problem.

Market Update: CBRL, EIX, ZBH

U.S. Secretary of Energy Jennifer Granholm speaks during a press briefing at the White House in Washington, April 8, 2021.

Kevin Lamarque | Reuters

LONDON — U.S. Energy Secretary Jennifer Granholm has called on oil-producing nations to immediately increase crude supplies to mitigate the surging cost of living.

On Thursday, oil cartel OPEC and its allies agreed to continue with their current output plan, deciding against loosening the taps despite U.S. pressure to help cool the market.

Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain. It’s boosted gasoline prices and has added to surging inflation rates around the globe, with consumers already paying more due to supply bottlenecks in the economy.

Asked by CNBC about the U.S.’s relationship with Saudi Arabia, the de-facto leader of OPEC, after the output decision, Granholm said: “In some places, we have strong relationships and in some places we wish our allies would move a little faster.”

“The message is we need to increase supply at this moment so that people will not be hurt during the winter months,” she told CNBC’s Steve Sedgwick on Friday at the COP26 climate summit in Glasgow, Scotland.

President Joe Biden has squarely blamed the reluctance of OPEC and its allies, known as OPEC+, to pump more oil for the sharp rise in energy prices in the U.S. and around the world.

“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said Sunday at the G-20 meeting in Rome.

OPEC+ decided to rollover its August plan to gradually increase oil production by 400,000 barrels per day each month. Ministers attending the meeting on Thursday said the group was maintaining market balance and remaining wary of potential changes in demand.

Several of the ministers also pointed to the skyrocketing prices of other commodities such as gas and coal to argue that oil markets are lucky to have OPEC+ regulating supply.

International oil benchmark Brent crude was trading at $80.80 per barrel at 7:30 a.m. ET on Friday, up 27 cents from the previous day.

–CNBC’s Natasha Turak contributed to this article.

ShareTweetPin

Related Posts

Tesla Stock Is Dropping Again. Third-Quarter Deliveries Aren’t Its Biggest Problem.

by
September 27, 2023
0

Market Update: CBRL, EIX, ZBH

by
September 27, 2023
0

A Few Comments on the Likely Government Shutdown

by
September 27, 2023
0

Inflation Adjusted House Prices 3.4% Below Peak; Price-to-rent index is 7.4% below recent peak

by
September 27, 2023
0

Forget About ‘Timing the Market’: Schwab Research Reveals the Optimal Way to Invest

by
September 27, 2023
0

Next Post

October Employment Report: 531 Thousand Jobs, 4.6% Unemployment Rate

Job creation roars back in October as payrolls rise by 531,000

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Ford partners with GlobalFoundries to increase chip supplies

    0 shares
    Share 0 Tweet 0
  • CEOs across the market, economy agree on one big 2022 prediction: More volatility

    0 shares
    Share 0 Tweet 0
  • Inflation is sticking around – and Biden will likely have to wait it out like the rest of us

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com