OPEC+, which includes the 15 OPEC members and the consortium’s Russian-led allies, voted to cut oil production by 2 million barrels per day even though the White House urged the group to pump more oil, according to Bloomberg.
But he won’t let America increase output.
“We were energy independent one year ago, now we are at the mercy of OPEC.” Donald Trump.
OPEC and its Russian-led allies will reduce crude oil production as they are concerned that oil demand will fall as the world enters a recession, Bloomberg reported. President Joe Biden’s senior officials have been attempting to pressure OPEC into voting against a production cut as the White House would consider this to be a “hostile act,” CNN reported on Wednesday.
The administration was “panicking” over OPEC’s potential to cut production as it is concerned that gas prices may continue to rise and hurt the Democrats’ chances in the November midterm elections, according to CNN. The White House aggressively lobbied Kuwait, Saudi Arabia, the United Arab Emirates and other OPEC members to vote against cutting oil production; however, its efforts failed as OPEC+ wants to keep oil prices steady by reducing global supply ahead of winter, according to Bloomberg. (Daily Caller)
Daily Wire: Saudi Arabia helped Russia push for higher worldwide oil prices on Wednesday alongside other members of the Organization of Petroleum Exporting Countries (OPEC). The alliance announced that member states would cut oil output by 2 million barrels per day beginning in November, constituting 2% of global oil demand. Russian fuel is currently trading worldwide at a discount as European consumers refrain from purchasing the nation’s fuel. New output restrictions could provoke the United States to release more oil from the Strategic Petroleum Reserves, which are presently at their lowest levels in four decades (Daily Wire). Financial Times: The Biden administration criticized the move on cuts, saying it was a “shortsighted decision” at a time when “maintaining a global supply of energy is of paramount importance”. A White House spokesperson told reporters on Air Force One it was “clear” Opec+ was “aligning with Russia” (Financial Times). CNN: But with just a month to go before the critical midterm elections, US gasoline prices have begun to creep up again, posing a political risk the White House is desperately trying to avoid. As US officials have moved to gauge potential domestic options to head off gradual increases over the last several weeks, the news of major OPEC+ action presents a particularly acute challenge (CNN).
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