US President Biden: OPEC+ oil production cut was unnecessary

tweet at 10:40am: RUSSIA'S NOVAK SAYS OIL-PRICE CAP WILL BACKFIRE ON THOSE WHO IMPOSE IT RUSSIA'S NOVAK SAYS RUSSIA WON’T SELL OIL TO COUNTRIES THAT ADOPT PRICE CAP

tweet at 10:44am: OPEC+: THE REDUCTION IS BEING DRIVEN BY GLOBAL ECONOMIC UNCERTAINTY. tweet at 10:43am: SAUDI OPEC TARGET MOVES TO 10.5M B/D FOR NOVEMBER - DECEMBER - STATEMENT #OOTT #OPEC tweet at 10:44am: FULL STATEMENT: The OPEC+ communiqué. The group cuts output by 2m b/d from the August required output levels; extends cooperation deal with Russia until end of 2023. The group justifies its decision due to "uncertainty that surrounds the global economic and oil market outlook" https://t.co/3JjMUcOk9W33rd OPEC and non-OPEC Ministerial Meeting The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022. In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021. Extend the duration of Declaration of Cooperation until the 31st of December 2023 Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC). Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC sched

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 30, 2022 which was 210,000 barrels per day more than the previous week’s ...

The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s ...