After Killing U.S. Oil Projects, Biden Begs Russia, Saudi Arabia For Help Fighting Rising Gas Prices

DM

President Joe Biden called on a conglomerate of 23 oil-producing countries, led largely by Russia and Saudi Arabia, to increase oil production to combat rising fuel prices. The White House released a statement by national security advisor Jake Sullivan on Wednesday calling on OPEC to boost oil production. Sullivan argued that high fuel prices are stunting the economic recovery from the COVID-19 pandemic. The White House statement appeared to have an immediate impact on oil prices. As The Wall Street Journal reports: “Brent crude, the international oil benchmark, fell 0.8% to $70.04 a barrel after the White House announcement. Oil prices have experienced volatility in recent days due to concerns over the Delta variant of Covid-19.” OPEC+ is an international cartel of major oil producers which includes the 13-nation Organization of Petroleum Exporting Countries (OPEC) and 10 other countries. The cartel came together in 2016 when OPEC, led by Saudi Arabia, struck an agreement with a group of non-OPEC countries led by Russia to limit oil production with the goal of influencing the global price of crude oil.

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