Source: US pushing Opec+ not to cut oil output

5/10/2022 4:29:00 AM

Source: US pushing Opec+ not to cut oil output

Source: US pushing Opec+ not to cut oil output

WASHINGTON, Oct 5 ― The United States is pushing Opec+ nations not to proceed with potential deep oil output cuts, a source familiar with the matter told Reuters, as President...

for the latest news you need to know..According to the Order Paper on Parliament’s official website, questions on preventive actions taken by ministries as well as Malaysian Embassies to eradicate employment fraud were raised by Datuk Mohd Fasiah Mohd Fakeh (Bersatu-Sabak Bernam) to the Foreign Minister during Minister’s Question Time..

Wednesday, 05 Oct 2022 8:50 AM MYT WASHINGTON, Oct 5 ― The United States is pushing Opec+ nations not to proceed with potential deep oil output cuts, a source familiar with the matter told Reuters, as President Joe Biden seeks to prevent US gasoline prices from rising.Washington is arguing to Opec+ nations that economic fundamentals do not support an output cut, the source said.Opec+, which includes Saudi Arabia and Russia, is working on cuts in excess of 1 million barrels per day, sources told Reuters this week.Apart from that, Datuk Seri Anwar Ibrahim (PH-Port Dickson) wants the Domestic Trade and Consumer Affairs Minister to comment on the performance of the Special Task Force on Jihad Against Inflation in combating the overall inflation which has risen to 4.The cuts could spur a recovery in oil prices.The White House declined to comment.

“We are not going to comment on any Opec action until Opec acts,” said Adrienne Watson, spokesperson for the National Security Council.The Dewan Rakyat is also expected to focus on the tabling of the Trade Union (Amendment) Bill 2022, Environmental Quality (Amendment) Bill 2022, Road Transport (Amendment) Bill 2022, Commercial Vehicles Licensing Board (Amendment) Bill 2022 and Land Public Transport (Amendment) Bill 2022 for the second reading.“Of course we are always talking to all producers and consumers, including Opec+ partners.That's been the case for decades and across bipartisan administrations, including this one.We've been clear that energy supply should meet demand to support economic growth and lower prices for consumers around the world and we will continue to talk with our partners about that,” she said.Biden has been grappling with gasoline prices all year.

After a spike, they have gradually come down and his administration has touted this as a major accomplishment.An increase in prices could serve to harm Democratic prospects in November 8 midterm congressional elections.The Organization of the Petroleum Exporting Countries and its allies, known as Opec+, look set to cut output when they meet today.The move would squeeze supply in an oil market that energy company executives and analysts say is already tight due to healthy demand, a lack of investment and supply problems.― Reuters Advertisement.

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