'The alignment within OPEC+ is strong, politically and with regard to oil,' expert Abhi Rajendran told Newsweek. 'The U.S. was never going to crack that.'
The decision made by Russia, Saudi Arabia and other nations that make up the world's oil cartel and its partners to significantly slash production will likely produce effects felt across the globe the globe — including in the U.S., where Presidenthas appealed to Riyadh and other oil-rich Arab states for greater output while at the same time maintaining economic pressure on Moscow over its war in Ukraine.
"At a time when maintaining a global supply of energy is of paramount importance," the statement added,"this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices." Their statement said that Biden would continue to release barrels from the national reserve"as appropriate," while calling on energy companies"to keep bringing pump prices down" and consulting with members ofAs to why a last-ditch effort by the U.S.
planning a potential price cap on Russian maritime oil imports. The measure was proposed last week by the European Council in the wake of internationally unrecognized referendums that took place under Russian and allied separatist administration in four Ukrainian regions, producing near-unanimous votes for their annexation into the Russian Federation amid the ongoing conflict.
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