Oil drops below $70 as US urges OPEC and its allies to pump more

US President Joe Biden’s top aides are pressuring the Organization of the Petroleum Exporting Countries (OPEC) and its allies to boost oil output. (Reuters/File Photos)
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Updated 11 August 2021
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Oil drops below $70 as US urges OPEC and its allies to pump more

  • White House: OPEC+ output not enough, may harm global recovery
  • API says U.S. crude, gasoline stocks fell last week

WASHINGTON D.C.: US President Joe Biden’s top aides are pressuring the Organization of the Petroleum Exporting Countries (OPEC) and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery.

Biden’s national security adviser Jake Sullivan criticized the world’s major oil producers for what he said were insufficient crude production levels in the aftermath of the global COVID-19 pandemic.

“At a critical moment in the global recovery, this is simply not enough,” he said in a statement.

US gasoline prices are running at about $3.18 a gallon at the pumps, up more than a dollar from last year at this time, according to the American Automobile Association.

The unusual statement ratcheted up international pressure and comes as the administration tries to contain a range of rising prices and supply bottlenecks across the economy that have fueled inflation concerns.

Biden has made recovering from the economic recession triggered by the pandemic a key priority for his administration.

The message also underscored the new dynamic between Washington and OPEC since Biden’s predecessor, Donald Trump, broke with prior practice in demanding specific policy changes to adjust prices.

Biden’s administration is pressing countries within OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other big producers, “on the importance of competitive markets in setting prices,” Sullivan said. “Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” he added. “OPEC+ must do more to support the recovery.”

International benchmark Brent crude was trading at around $70 a barrel on Wednesday, down half a percent, after the US issued its statement. That is lower than the prices above $77 in early July, but still represents an increase of nearly a third from the beginning of the year.


Second firm ends DP World investments over CEO’s Epstein ties

Updated 12 February 2026
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Second firm ends DP World investments over CEO’s Epstein ties

  • British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
  • Decision follows in footsteps of Canadian pension fund La Caisse

LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.

British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.

“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.

“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”

The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.

The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.

In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.