
Resisting on oil gives political leverage to the Gulf
Despite overtures from world leaders, OPEC+ stuck with its s current agreement on 31 March to increase production by just over 400kbd per month until August – given the only countries which are capable of lifting output by any significant amount at present are Saudi Arabia and the UAE, and they are definitely not going to budge. News that the White House is about to authorize the release of 180 million barrels from the Strategic Petroleum Reserve (SPR) will only harden minds.
The pair’s reluctance to pump more to help those countries still too dependent on Russian energy has been heavily scrutinized, and largely attributed to their dissatisfaction with the Biden administration in the US for not providing adequate security guarantees.… Seguir leyendo »