More detail on White House efforts to stop OPEC from cutting oil output – Yellen unleashed

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Reports that the US is lobbying OPEC+ nations not to cut oil production (…well, so)

While it should come as no surprise to the United States to participate in such a campaign, CNN has more details as to what it implies:

  • Amos Hochstein, Biden’s top energy envoy, played a leading role in the lobbying, which was far more extensive than previously reported amid extreme concern in the White House about the potential cut. Hochstein, along with chief national security official Brett McGurk and the administration’s special envoy to Yemen Tim Lenderking, traveled to Jeddah late last month to discuss various energy and security issues in the wake of Biden’s high-profile visit to Saudi Arabia. in Saudi Arabia. july
  • Officials across the administration’s economic and foreign policy teams have also been involved with reaching out to OPEC governments as part of the latest effort to curb production.
  • The White House asked Treasury Secretary Janet Yellen to present the issue personally to some Gulf state finance ministers, including Kuwait and the UAE, and try to convince them that production cuts would be extremely damaging to the global economy.
  • “There is a great political risk to your reputation and relations with the United States and the West if you move forward,” the White House draft of talking points suggested that Yellen communicate to her foreign counterparts.

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