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☆ Biden administration to buy 3 million barrels of crude oil to refill Strategic Petroleum Reserve
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden administration to buy 3 million barrels of crude oil to refill Strategic Petroleum ReserveAmos Hochstein, Special Presidential Coordinator for Global Infrastructure and Energy Security, joins 'Squawk Box' to discuss the Biden administration's decision to buy 3 million barrels of crude oil to help refill the Strategic Petroleum Reserve, where last year's record sales drew the stockpile down to its lowest level since 1983.

☆ White House hails Yemen steps after meeting with Saudi crown prince
▼ + stars: | 2023-04-14 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

April 14 (Reuters) - Senior aides to U.S. President Joe Biden on Friday hailed progress toward resolving conflict in Yemen after "constructive" talks in Saudi Arabia with Crown Prince Mohammed Bin Salman. The meetings included Biden's top Middle East adviser, Brett McGurk, and his Yemen envoy, Tim Lenderking, and took place on Thursday and Friday, said Adrienne Watson, a spokesperson for the White House National Security Council. "The U.S. side confirmed its support for the defense of Saudi Arabia against threats from Yemen and elsewhere." The White House summary did not mention the surprise decision earlier this month by Saudi-led OPEC+ to cut oil production. Yemen's war is seen as one of several proxy battles between Iran and Saudi Arabia.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ Kremlin says it does not recognise Western price cap on its oil
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of Ukraine. Russia's economy has proved remarkably resilient in the face of tough Western sanctions, but the price cap has complicated its efforts to sell oil globally. U.S. officials argue that the price cap is working, as Russia's Urals blend - a benchmark of Moscow's exports - sells at a steep discount to international marker Brent. "I think the beauty of the process is that it is working and that Russian oil and Russian products are being traded below the price cap," U.S. Energy Envoy Amos Hochstein said on Monday.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

☆ 'We have to make sure we have a diversified supply chain': Biden presidential coordinator
▼ + stars: | 2023-02-07 | by ( Hadley Gamble | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We have to make sure we have a diversified supply chain': Biden presidential coordinatorAmos Hochstein, special presidential coordinator for U.S. President Joe Biden, emphasizes the necessity of having a diversified supply chain.

☆ U.S. behind on supply chain independence for key resources: Hochstein
▼ + stars: | 2023-02-07 | by ( Hadley Gamble | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. is 'absolutely behind' on supply chain independence for crucial minerals: presidential adviserAmos Hochstein, special presidential coordinator for President Joe Biden, says the U.S. is "absolutely behind" on its supply chain independence for rare earth minerals. "But it doesn't mean that we're out," he says.

☆ U.S. is 'absolutely' behind on supply chain independence from China, Biden advisor says
▼ + stars: | 2023-02-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

watch nowThe U.S. has some rapid catching up to do if it is to secure the reliability of its supply chain and its independence from competitors like China, a top White House advisor admitted this week. "We can't have a supply chain that is concentrated in any country, doesn't matter which country that is," he said. Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. The Covid-19 pandemic and the Russia-Ukraine war have also highlighted the fragility of the global supply chain. Globally, China controls most of the market for processing and refining for cobalt, lithium, rare earths and other critical minerals."

☆ "This year is going to be about the war" in Ukraine, says presidential advisor Amos Hochstein
▼ + stars: | 2023-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email"This year is going to be about the war" in Ukraine, says presidential advisor Amos HochsteinAmos Hochstein, the U.S.'s special presidential coordinator, says the energy outlook this year will be heavily dependent on developments in the war in Ukraine.

☆ Biden advisor says oil price cap is working as Russia takes economic hit
▼ + stars: | 2023-01-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Group of Seven's oil price cap scheme intended to limit Russian oil export revenues is working "so far so good," according to Amos Hochstein, special presidential coordinator to President Joe Biden. The price cap initiative was introduced on Dec. 5, when the EU stopped taking Russian crude oil. EU countries will no longer be able to access seaborne Russian oil products as of Feb. 5. He did not specify how much the U.S. believes the price ceiling initiative is costing Russia. I think the G7 got together, it's part of the unity of the G7, and I think so far so good," Hochstein said.

☆ The Russian oil price cap has so far 'achieved our interest,' Amos Hochstein says
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Russian oil price cap has so far 'achieved our interest,' Amos Hochstein saysAmos Hochstein, special presidential coordinator for U.S. President Joe Biden, says "it's achieved our interest, which was to have continued supply of oil on the market, to support economic growth, while limiting the value that oil makes for Putin."

☆ U.S. energy envoy Hochstein calls investor hostility to shale drilling "un-American" -FT
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +2 min

Dec 11 (Reuters) - U.S. energy envoy Amos Hochstein described the refusal of the country's shale investors to ramp up drilling as "un-American" in an interview with the Financial Times on Sunday. "You want to pay dividends, pay dividends. You want to pay shareholders, pay shareholders. We are asking you to increase production and seize the moment", the FT quoted him as saying. Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce fuel prices for Americans.

☆ U.S. has enough strategic oil reserves for an emergency, says presidential advisor Amos Hochstein
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. has enough strategic oil reserves for an emergency, says presidential advisor Amos HochsteinAmos Hochstein, a senior advisor for energy security at the State Department, joins CNBC's 'Squawk Box' to provide an update into the U.S.'s strategic oil reserves following the Biden administrations' attempts to lower gas prices through the emergency supplies.

☆ Presidential advisor Amos Hochstein weighs in on the state of U.S. oil production
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresidential advisor Amos Hochstein weighs in on the state of U.S. oil productionAmos Hochstein, a senior advisor for energy security at the State Department, joins CNBC's 'Squawk Box' to discuss the state of U.S. oil production as the Biden administration embarks on the final leg of its 180-million barrel SPR drawdown.

☆ White House weighs future release of emergency heating, crude oil reserves as winter nears
▼ + stars: | 2022-11-30 | by ( Kayla Tausche | ) www.cnbc.com time to read: +3 min

An aerial of the Strategic Petroleum Reserve storage at the Bryan Mound site seen on October 19, 2022 in Freeport, Texas. The Biden administration is considering tapping additional reserves of heating and crude oil as winter nears and uncertainty over market prices worsens, according to four people familiar with the matter. But with a 54% jump in heating oil prices in the last year, any hiccup in supply could mean a headache for consumers. The White House could face additional pressure from a Republican-led House of Representatives to replenish the Strategic Petroleum Reserve when the new Congress begins its session in January. In June, the leading Republicans on the House Energy & Commerce Committee suggested the Strategic Petroleum Reserve's falling level was becoming a national security risk.

☆ Presidential advisor Amos Hochstein: The U.S. can still manage any energy emergency with SPR
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresidential advisor Amos Hochstein: The U.S. can still manage any energy emergency with SPRAmos Hochstein, special presidential coordinator for President Joe Biden, joins CNBC's 'Squawk Box' to discuss energy prices as Saudi Arabia denies talks of an oil output hike.

☆ UAE and U.S. reach deal for $100 billion in clean energy projects
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

ABU DHABI, Nov 1 (Reuters) - The United States and United Arab Emirates have reached an agreement to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035, U.S. Secretary of State Antony Blinken said on Tuesday. The two governments signed a memorandum of understanding in Abu Dhabi setting out the framework of the deal, Blinken said in a statement. "This memorandum of understanding is an important step forward in our joint efforts to accelerate our collective movement toward clean energy," Blinken said. Under the initiative, the UAE, an OPEC oil producer, and the United States would provide technical, project management and funding assistance for commercially and environmentally sustainable energy projects in other countries. The statement said the partnership would "assemble and stimulate" private and public sector funding and support for clean energy innovation, carbon and methane management, advanced reactors including small modular reactors, and industrial and transport decarbonisation.

☆ 'We're not against profits,' White House presidential coordinator says after Biden's tax threats on energy companies
▼ + stars: | 2022-11-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

The president on Monday tweeted: "The oil industry has a choice. But reports of animosity between the White House and America's energy giants are overhyped, says Amos Hochstein, Biden's special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world. Record-breaking oil company profitsSeveral major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. We need more investment in oil production and refining, now."

☆ UAE and U.S. to spur $100 bln in clean energy projects - WAM
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

ABU DHABI, Nov 1 (Reuters) - The United Arab Emirates and the United States have signed a partnership to spur $100 billion of investments in clean energy projects and add 100 gigawatts of clean energy globally by 2035, state news agency WAM reported on Tuesday. "Together, we will spur large-scale investment in new energy technologies, in our own countries, around the world and in emerging economies," U.S. energy envoy Amos Hochstein said a statement carried on WAM. The statement said the partnership would "assemble and stimulate" private and public sector funding and support for clean energy innovation, carbon and methane management, advanced reactors including small modular reactors, and industrial and transport decarbonisation. Under the initiative, the UAE, an OPEC oil producer, and the United States would provide technical, project management and funding assistance for commercially and environmentally sustainable energy projects in other countries. Reporting by Ahmed Tolba; Writing by Lina Najem and Ghaida Ghantous; Editing by Louise Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

"We are only a phone call away if the requirements are there," he said. OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut. Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.

☆ Watch CNBC's full interview with U.S. Presidential Coordinator Amos Hochstein
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with U.S. Presidential Coordinator Amos HochsteinAmos Hochstein, special presidential coordinator to President Joe Biden, speaks to CNBC's Hadley Gamble at the Abu Dhabi International Petroleum Exhibition Conference about U.S.-Saudi relations following OPEC+ production cuts. "Cutting production has the end net-effect of helping what Russia is doing," Amos said.

☆ Oil is all Putin has left, Amos Hochstein says
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil is all Putin has left, Amos Hochstein saysAmos Hochstein, special presidential coordinator for President Joe Biden, says OPEC's production cut has the "end net effect" of helping Russia.

☆ Presidential advisor Amos Hochstein: 'We're not against' oil majors making profit
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresidential advisor Amos Hochstein: 'We're not against' oil majors making profitAmos Hochstein, special presidential coordinator for President Joe Biden, says the U.S. is not against oil majors making profit. "Take those profits and invest them," he told CNBC.

☆ Oil is all that Putin has left, U.S. presidential advisor Amos Hochstein says
▼ + stars: | 2022-10-31 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Oil is all Russia's economy has left following its invasion of Ukraine earlier this year, according to Amos Hochstein, special presidential coordinator for President Joe Biden. "Oil is the only thing they have left in that economy … Putin has destroyed the rest of the economy," Hochstein told CNBC's Hadley Gamble Monday. "All he's got left is the stuff that comes out of the ground. He won't sell his gas to Europe anymore, so all he has is oil, so that's what funds this war." The Russian economy shrunk by 4% year-on-year over the second quarter, and the Central Bank of Russia expects the downturn to deepen in the quarters ahead.

☆ Lebanon signs maritime border deal, Israel expected to follow suit
▼ + stars: | 2022-10-27 | by ( Maya Gebeily | ) www.reuters.com time to read: +1 min

BAABDA/JERUSALEM, Oct 27 (Reuters) - Lebanese President Michel Aoun on Thursday signed a letter approving a landmark U.S-brokered agreement laying out the country’s maritime boundary with Israel, Lebanon's top negotiator told reporters. Israel was set to follow suit in approving the deal, which marks a diplomatic departure from decades of hostility, later in the day. Hailed by all three parties as a historic achievement, the deal will be signed separately in Jerusalem by Israeli Prime Minister Yair Lapid following his cabinet's approval. "If one side violates the deal, both sides lose," Hochstein told reporters. An offshore energy discovery - while not enough on its own to resolve Lebanon's deep economic problems - would be a major boon, providing badly needed hard currency and possibly one day easing crippling blackouts.

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