{"id":1023502,"date":"2021-11-17T13:14:02","date_gmt":"2021-11-17T18:14:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1023502"},"modified":"2021-11-17T13:14:07","modified_gmt":"2021-11-17T18:14:07","slug":"report-joe-biden-asked-china-to-produce-more-oil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-joe-biden-asked-china-to-produce-more-oil\/","title":{"rendered":"Report: Joe Biden Asked China to Produce More Oil"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-joe-biden-asked-china-to-produce-more-oil%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1023502&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\"><span>The <\/span><a href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3156290\/us-asks-china-release-oil-reserves-part-discussions-economic\"><i><span>South China Morning Post<\/span><\/i><\/a> <span>(SCMP) on Wednesday quoted a \u201cperson familiar with the matter\u201d who said President Joe Biden asked Chinese dictator Xi Jinping to release China\u2019s oil reserves, thus stabilizing the high oil prices that have been helping to drive Biden\u2019s <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/14\/nolte-joe-biden-crashes-to-38-approval-in-washington-post-poll\/\">poll numbers<\/a> down.<\/span><\/p>\n<p><span>According to the <\/span><i><span>SCMP\u2019s <\/span><\/i><span>source, in addition to Biden asking Xi for oil during their Tuesday videoconference, U.S. Secretary of State Antony Blinken made the same request of Chinese Foreign Minister Wang Yi two days earlier.&nbsp;<\/span><\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p><span>The <\/span><i><span>SCMP <\/span><\/i><span>report said China is open to the request, but has not \u201ccommitted to specific measures yet.\u201d<\/span><\/p>\n<p><span>\u201cOne of the pressing issues for both sides is energy supply. Currently, the energy departments from both sides are negotiating the details,\u201d the source explained.<\/span><\/p>\n<p><span>The report did not indicate whether the source was an official of the Chinese or U.S. governments, or a third party with inside information.<\/span><\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p><span>\u201cThe Biden administration is under growing pressure to consider releasing strategic reserves, after U.S. inflation jumped above 5 per cent for six straight months, due to pandemic-related supply disruption and monetary stimulus by the Federal Reserve. The US inflation rate hit 6.2 per cent in October,\u201d the <\/span><i><span>SCMP <\/span><\/i><span>observed.<\/span><\/p>\n<p><span>The increasingly desperate Biden administration already tried to convince OPEC to increase production in August, but was <\/span><a href=\"https:\/\/www.breitbart.com\/economy\/2021\/08\/16\/report-opec-snubs-biden-rejects-plea-for-more-oil\/\"><span>snubbed<\/span><\/a><span> by the OPEC nations and their partner Russia.&nbsp;<\/span><\/p>\n<p><span>In September, the Biden administration <\/span><a href=\"https:\/\/www.reuters.com\/business\/white-house-said-top-aide-planned-discuss-oil-prices-with-saudi-arabia-2021-09-30\/\"><span>appealed<\/span><\/a><span> directly to Saudi Arabia and was again refused, possibly because de facto Saudi ruler Crown Prince Mohammed bin Salman (MBS) remembered the Biden administration <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/02\/17\/bidens-snub-of-saudi-crown-prince-mohammed-bin-salman-is-a-warning.html\"><span>treating him like a pariah<\/span><\/a><span>&nbsp;this year. Joe Biden <a href=\"https:\/\/thehill.com\/policy\/international\/576987-biden-struggles-to-rein-in-saudi-arabia-amid-human-rights-concerns\">literally called<\/a> MBS a \u201cpariah\u201d and slammed him for human rights abuses ten months before Biden went to MBS with hat in hand and pleaded for more oil.<\/span><\/p>\n<div id=\"attachment_18792618\" class=\"wp-caption alignnone\" readability=\"33\"><a href=\"https:\/\/media.breitbart.com\/media\/2021\/11\/GettyImages-1127987916.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-18792618\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/GettyImages-1127987916-1024x683-1.jpg\" alt width=\"990\" height=\"660\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>A worker cuts an oil pipe at a factory in Qingdao in China\u2019s eastern Shandong province. (STR\/AFP via Getty Images)<\/em><\/p>\n<\/div>\n<p><span>Critics of the administration \u2013 and, bizarrely, <\/span><a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/01\/watch-biden-admits-irony-of-asking-opec-for-oil-while-pushing-climate-change-policies\/\"><span>Joe Biden himself<\/span><\/a><span>&nbsp;\u2013 noted the sad irony of begging authoritarian foreign producers with unpleasant human rights records to pump more oil while Biden\u2019s policies are suppressing American production and shutting down pipelines.<\/span><\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p><span>If the <\/span><i><span>SCMP <\/span><\/i><span>report is confirmed and Biden really begged top geopolitical menace <\/span><span>China <\/span><span>to save him by releasing its strategic reserves, having failed to persuade Number Two geopolitical menace and <\/span><a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/05\/blue-state-blues-john-durham-found-the-first-evidence-of-russia-collusion-and-hillarys-team-did-it\/\"><span>Democrat Party boogeyman<\/span><\/a><span> Russia to sell more oil, those criticisms will probably grow more acute.<\/span><\/p>\n<p><span>China\u2019s strategic oil reserve is considerably smaller than the immense U.S. reserve, which Biden is expected to tap soon.<\/span><\/p>\n<p><span>China established its strategic reserve about 15 years ago, and <\/span><a href=\"https:\/\/www.reuters.com\/world\/china\/china-tests-oil-clout-battles-inflation-with-first-oil-reserve-auction-2021-09-15\/\"><span>authorized<\/span><\/a><span> its first-ever auction of reserve oil in September, selling off a symbolic 7.38 billion barrels from its 200 million barrel stockpile. Industry experts saw the sale as China flexing its muscles, reminding the world it can influence oil prices if it wants to, and learning how the strategic reserve system works.<\/span><\/p>\n<p><span>Analysts told the <\/span><i><span>SCMP <\/span><\/i><span>on Wednesday that Chinese officials will likely conclude market prices are not yet high enough to justify a major release from the reserves, which are only large enough to meet China\u2019s emergency needs for 50 days at most, compared to 90 for the U.S. reserve.<\/span><\/p>\n<p><span>Oil analysts also thought Biden would not accomplish much by releasing the U.S. government\u2019s stockpile, an opinion that might make China think twice about committing to a release that would appear futile.<\/span><\/p>\n<div id=\"attachment_18792690\" class=\"wp-caption alignnone\" readability=\"34\"><a href=\"https:\/\/media.breitbart.com\/media\/2021\/11\/GettyImages-937951836.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-18792690\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/GettyImages-937951836-1024x658-1.jpg\" alt width=\"990\" height=\"636\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>This picture taken on March 22, 2018 shows a Chinese flag fluttering in front of the Shanghai Gaoqiao Company Refinery in Shanghai. (JOHANNES EISELE\/AFP via Getty Images)<\/em><\/p>\n<\/div>\n<p><span>\u201cIt seems the energy market is convinced that even if the U.S. resorts to tapping the Strategic Petroleum Reserve, the benefits would be minimal \u2026 to the U.S. consumer,\u201d said a note from industry analyst Edward Moya quoted by <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/11\/17\/oil-markets-biden-administration-spr-reserves.html\"><span>Reuters<\/span><\/a><span> on Tuesday.<\/span><\/p>\n<p><span>There is also the uncomfortable question of what Xi would demand in return for riding to Biden\u2019s rescue on oil prices.<\/span><\/p>\n<p><span>\u201cWashington was urged by Beijing to adopt \u2018responsible\u2019 macroeconomic policies in Tuesday\u2019s leaders\u2019 meeting, amid concerns that any sudden change of policy by the U.S. could disturb global markets and cross-border capital flows,\u201d the <\/span><i><span>SCMP <\/span><\/i><span>reported. Beijing\u2019s notions of \u201cresponsible\u201d economic policy will not be appealing to anyone worried about American decline or China\u2019s rising power.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The South China Morning Post (SCMP) on Wednesday quoted a \u201cperson familiar with the matter\u201d who said President Joe Biden asked Chinese dictator Xi Jinping to release China\u2019s oil reserves, &#8230;<\/p>\n","protected":false},"author":41,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1023502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1023502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1023502"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1023502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1023502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1023502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1023502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}