OPEC and friends have decided to reduce their oil production by 100,000 barrels per day.
BREAKING: OPEC and allied oil-producing countries, including Russia, to cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears. https://t.co/zFz0oGs0Jh
— The Associated Press (@AP) September 5, 2022
Remember when Joe Biden went to Saudi Arabia and asked them to produce more oil?
Opec+ keep finding ways to deliver new blows to the Biden administration.
If hiking a paltry 100,000 b/d looked bad, reversing the 100,000 b/d cut this time looks even worse.
World in an energy crisis and Saudi Arabia et al preoccupied with propping up the price (and Iran)
— David Sheppard (@OilSheppard) September 5, 2022
So much for that.
This is going to cause more problems for the West. Even though gas prices have come down a bit in the United States, we will likely see gas prices trend upward again in part because of this decision.
