empty
 
 
Biden seeks China’s help
02-12-2021 16:05
Biden seeks China’s help
Biden seeks China’s help

As the saying goes, "All's fair in love and war." Even seeking the help of a former enemy might not seem an extreme measure in times of the greatest need. Joe Bidden is well aware of this. Therefore, after OPEC’s refusal to increase oil output, Biden did not give up his plan. He decided to appeal to President Xi Jinping.

Before the start of the OPEC+ meeting, President Joe Biden blamed Russia and OPEC for the current high oil prices. "If you take a look at gas prices and you take a look at oil prices that's a consequence of thus far the refusal of Russia or the OPEC nations to pump more oil," he said. He called on OPEC nations to pump more crude. However, cartel members did not agree to increase oil production and decided to adhere to the previously established policy. Having failed to reach a consensus with OPEC, Joe Biden decided to seek China’s help. Notably, China is one of the world's main oil consumers.

During a virtual meeting, Biden asked China to release crude oil from its strategic reserves to stabilize rising oil prices. The US President is sure that if both countries simultaneously release oil from their strategic reserves, it will help increase the supply in domestic markets. Regardless of China's decision, the US is going to release oil from the strategic petroleum reserves at the end of November. Xi Jinping expressed his readiness to mull over this proposal. Yet, he is hesitant to make any commitments as the government should assess the country's domestic oil needs.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.
Widget callback