Opec And US

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand

The announcement sent US oil futures 0.5% higher to trade above $71 a barrel.

The move of the OPEC and its allies to cut oil production is a "mistake" and a "short-sighted" decision that has favoured the Russians and the US is going to re-evaluate its ties with Saudi Arabia, the White House has said. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and their Russia-led allies earlier this month agreed on a major cut in oil production, amidst a downward trend in prices. The 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna. It is the biggest cut since the height of the COVID-19 pandemic in 2020. The decisions that OPEC+ made last week, we believe, sided with the Russians and were against the interests of the American people and the families around the world, White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday. We believe that the decision is going to hurt and harm lower-income economies. It was misguided

President Joe Biden said on Tuesday there will be "consequences for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis. Biden suggested he would soon take action as aides announced that the administration is reevaluating its relationship with the kingdom in light of the oil production cut that White House officials say will help another OPEC+ member, Russia, pad its coffers as it continues its nearly eight-month war in Ukraine. Democratic Sen. Richard Blumenthal of Connecticut and Rep. Ro Khanna of California introduced legislation that would immediately pause all US arms sales to Saudi Arabia for one year. This pause would also halt sales of spare and repair parts, support services and logistical support. But it remains to be seen how far Biden is willing to go in showing his displeasure with the Saudis, a vital but complicated ally in the Middle East. Biden came into office vowing to

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington

Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments

Two OPEC+ sources said the group's experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd.

Crude oil prices could shift higher again once the market shakes off the latest bout of coronavirus jitters

Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Biden as US President, close sources said and would miss Trump who helped bring about a record oil output cut

Trump last week said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time

Others inside OPEC are sounding exasperated as the resurgence in shale output could force the cartel to prolong its output cuts beyond the end of 2018