The summit of European nations in Prague and the decision of the OPEC+ group to limit oil output, as well as the implications on fuel and fuel prices, were among the most important topics covered by the British press on Friday.
The Financial Times editorial headed “The Battle for Control of the Global Oil Market” serves as our introduction.
According to the publication, US President Joe Biden’s unexpected visit to Saudi Crown Prince Mohammed bin Salman was a contentious issue.
According to her, three months after this trip, the US president did not receive the anticipated boost in oil production but rather a significant reduction of 2 million barrels per day by the OPEC+ group, which has partnered with Russia since 2016.
“This cut comes five weeks before the US midterm elections, when gasoline prices could play a critical role,” the newspaper reports. She continues, “It shows that Saudi Arabia is clinging to its ties with Moscow even as Vladimir Putin increases his war in Ukraine.
She continues by stating that Saudi and OPEC officials emphasise that the cuts were not made for political reasons but rather in response to a potential recession in Europe and elsewhere that would result in a decline in demand.
Additionally, they claim that they are working to enhance production capacity, safeguard revenues, and set minimum prices.
Despite these assertions, the newspaper holds that “the decision to reduce output now is part of a larger fight to control the global oil market.
Saudi Arabia is troubled by US-led efforts to control prices because the Biden administration has advocated for a cap on Russian oil prices. OPEC views this as an effort to shift the balance of power in favour of consuming countries and is concerned that such a system may one day be used against it.
According to the publication, OPEC is attempting to retake command of the market and demonstrate that it still has the power to determine prices.
She goes on to say that it is undoubtedly Saudi Arabia’s goal to demonstrate to a US president who called him a “pariah” following the gruesome murder of journalist Jamal Khashoggi that it has allies in Beijing, New Delhi, and Moscow.
According to the newspaper, “the Saudi crown prince may have used disproportionate force since it is improbable that China, India, and Russia will offer Saudi Arabia the same kind of security support that the United States has offered for many years. Additionally, rising oil prices might make any upcoming recession worse, and so forth. The demand is destroyed as a result.
“A moment of cooperation in Europe”
The Daily Telegraph’s editorial was headlined “A Moment for European Cooperation” and can be found here.
According to the newspaper, when Emmanuel Macron first unveiled his proposals for the creation of a new political community for Europe, some people believed that the initiative’s reason was an attempt to entice Britain back into the European Union.
The newspaper also noted that despite the organization’s membership of leaders from every nation in Europe (aside from Russia and Belarus) and non-EU nations like Switzerland, the French president has never concealed his hatred for Britain’s decision to leave the European Union and has gone above and beyond to punish Britain for it.
The British Prime Minister, Liz Truss, was justified, in the opinion of the newspaper, in attending yesterday’s inaugural session of the new conference in Prague.
She continues by saying that neither the Brexit nor its aggressiveness against European friends were ever meant to terminate collaboration with Europe.
It is foolish for the European Union to stand up to Britain at a time when Vladimir Putin wants to obliterate the entire post-World War II international order. It is even more absurd for the entire continent to be affected by Russia’s energy war with the West.
diplomatic seating
The Prague summit is covered differently in The Times newspaper.
According to a report by Bruno Waterfield headlined “Officials are concerned about the Prague summit’s seating arrangement. The Canb reports that, similar to European summits, the summit’s activities are centred around the dinner table and sessions, and that seating arrangements and choosing who sits next to whom at this summit are difficult tasks that officials have referred to as a “nightmare.”
According to the author, the Russian invasion of Ukraine created a new diplomatic need for keeping unity against President Putin, but it also caused rivalries to intensify and old tensions and boundary disputes to resurface, from the Balkans to the Aegean and Caspian Seas.
As a result of the two nations’ ongoing deadly conflict, which recently broke out in the Nagorno-Karabakh region and left dozens dead, the author claims that the capital cities of Armenia and Azerbaijan are one of the main causes of inconvenience.
According to officials, Turkish President Recep Tayyip Erdogan is a problematic guest at diplomatic banquets because he “is famous for his arrogance with others, especially women,” the author continues.
Oil prices. Financial Times: The struggle for market dominance
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