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Mish<> Opec Fights the Fed, Crude jumps- Cuts production a million barrels a day. Also, Biden blames big oil companies for excessive profits.

MISH10 HOURS AGO

-->Senior Biden administration official pressed executives from some of the largest US gasoline producers to curtail overseas sales during a tense meeting Friday afternoon, suggesting that without voluntary action, the government could force the industry to stockpile more fuel in US tanks.

Energy Secretary Jennifer Granholm and other administration officials chastised the industry representatives for low diesel stockpiles, floating the possibility of export limits and a requirement for oil companies to hold minimum fuel inventories inside the US, according to people familiar with the matter who asked not be named describing the private virtual meeting.

In addition to Granholm, the session included representatives from Exxon Mobil Corp., Marathon Petroleum Corp., Phillips 66 and Shell Plc, as well as National Economic Council director Brian Deese and Amos Hochstein, a senior energy adviser at the State Department, according to a person familiar with the matter.

“The president’s team emphasized that energy companies with record-high profits, record high exports and record-low inventories must step up and bring down prices at the pump,” the Energy Department said in an emailed statement.

Administration officials stressed their concerns with increased petroleum product exports and complained companies were collecting high profits while failing to address low fuel inventories, the people said.

Full @ https://mishtalk.com/economics/opec-fights-the-fed-crude-jumps-3-percent-on-expected-output-cuts