You may have noticed in the last several weeks that gas prices have been creep up. Well, get ready for an even bigger increase in oil prices. OPEC has decided to cut oil production by 2 million barrels per day. Looks like Biden’s pathetic groveling to the Saudi’s made things worse. OPEC, like the rest of the are laughing at how pathetic and weak Biden is.
OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections.
The group of major oil producers, which includes Saudi Arabia and Russia, announced the production cut following its first meeting in person since March 2020. The reduction is equivalent to about 2% of global oil demand.
The price of Brent crude oil rose 1.5% to more than $93 a barrel on the news, adding to gains this week ahead of the gathering of oil ministers. US oil was up 1.7% at $88.