biden juggles Opec+ and long-term demand

摘要

US president Joe Biden is counting on new fuel-economy rules and a switch to electric vehicles (EVs), along with short-term production support from Opec+, to keep domestic energy prices afordable while retaining his ambitious climate goals. But the temporal dissonance in Biden’s aims — his decarbonisation strategy would result in lower oil demand and output, while the need to keep US consum- ers happy now may require a more immediate supply boost — is making for awkward messaging and diplomacy as the White House rediscovers the art of dealing with Opec and its key producers. The Biden administration on 11 August urged Opec+ members to move faster to unwind the crude production cuts they made last year, citing concerns that unchecked fuel price rises will undermine the global economic recovery. Opec+ “must do more to support the recovery” by accelerating the timeline for ofsetting output declines made when Covid-19 lockdowns peaked, White House national security adviser Jake Sullivan says.