The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.
Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.
The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets.
In reaction, U.S. Secretary of State Antony Blinken said that Washington has made clear to oil-producing countries the need for energy supply to meet demand.
U.S. President Joe Biden considered the OPEC+ decision “short-sighted while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” White House press secretary Karine Jean-Pierre told reporters aboard Air Force One.
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27 Comments
Funny, if Biden didnt completely eviscerate the industry in the US they wouldnt care, and would be a net exporter of their own oil.
Here's a novel idea 💡
Let's stop buying dictator oil.
translation:
we're cutting supply so that we can control prices
then for some reason:
cut to a shot of a dude from the states; talking about their own oil supply is lacking
of course U.S. gonna blame OPEC~~~Biden's so-called "pariah Saudi" bros stab him really hard in his back right before the midterm election. Looking forward to paying more at the pump 🙁
this is what you get when government depend on these guys for oil.
Given the growth in EV's and alternative energy supplies in General I can see this coming as they try to protect their price base as demand starts decreasing
KSA's MBS is a Putin lackey. Both brutal dictators using oil as a weapon of war. The West will go green and modernize to have a healthier earth. Let OPEC+(Russia) eat their oil.
Before any Turmoil – the President will up the production of The Oil Wells and on Leased oilfields that aren't pumping any oil now to make money in stocks will have to start.
Biden probably begged them to cut production to push his agenda.
the us isn’t worried about opec plain and simple.
The Dems are having a taste of their own medicine when they canceled the Keystone Pipeline on day 1 which clearly was political. They had no regard for the jobs lost and investment made by the province of Alberta.
Us sell armaments to the Saudis. Price of those should be tripled to make them pay for their policies?
Security and stability to the energy market at a nice PRICE
Fking monopoly nothing else
OPEC is the only genuine superpower, it Controls the world's economy. The whole world is at its mercy
Blow up a pipeline. Then beg an organization which has the owner of the blown up pipeline as a member, to produce more oil?
Is anyone serious in the Biden administration?
US Disappointed by short sighted decision?? Heavens above!! the audacity of this hypocrite state, wake up US gov. your presidents first act was to cancel the keystone pipeline, you are a government hell bent on destroying the oil sector!! like come on!! you cannot be that dumb. If you really practice what you preach you should be rejoicing that oil is being cut down,
the USA has sanctioned Venezuela, Iran, Syria, and Russia they're all oil producers, and expect remaining oil producers to ramp up production on demand,! who's using oil or their dollar as a weapon, countries are just responding to it
Don't worry America Guyana is coming to the rescue !!!!
Stop buying lazy OPEC oil, let the Arabs feel the pain of no sales. Those sheiks will cry a river.
Europe, it's time to get ready, the US will strangle you soon.
Trump says the world is laughing at Biden nowadays
Europeans face imminent de-industrialization and economic shrinkage for listening to their american """"allies"""". With friends like the United States, who needs an enemy? LMAO
I think it's time someone invents the man-powered vehicles with these oil prices, sheesh!
This will drive oil prices up across the world. As if inflation wasn't bad enough as is.
Ha! Ha! Take that Biden. You clown.
Canada has vast oil reserves we should be developing them so we won’t be held hostage by opec or any other oil producing countries.
LOL! Blinken the Dunce seeks prices '"are kept low" while bombing pipelines.