The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide.
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The amount of Russian fuel oil imported by Saudi Arabia between April and June of this year more than doubled compared to last year, Reuters reported Friday.
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During an interview aired on Friday’s edition of CNN’s “Situation Room,” Saudi Minister of State for Foreign Affairs Adel al-Jubeir, who was inside President Joe Biden’s meeting with Saudi Crown Prince Mohammed bin Salman, refused to commit to boosting oil production, denied Biden pressed them on the issue, and argued that “The problem of gasoline in the United States is more a function of the lack of refining capacity in the United States than a shortage of actual crude oil.”
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The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August — roughly 50% — offering modest relief for a global economy suffering from soaring energy prices and the resulting inflation.
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At a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday in London, the oil cartel voted on a modest production increase and announced that the organization is not to blame for the disruptions and price increases since Russia invaded Ukraine in late February.
OPEC also blamed the threat to demand on China for its recent draconian coronavirus lockdowns.
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