OPEC to cut oil production further, flips bird to Biden

Back in April, OPEC+ announced cuts to their oil production of up to two million barrels per day. This was done amid fears that a global economic slowdown would reduce demand, further driving down prices (and profits). Because of the shakey energy situation in the United States, Joe Biden sent envoys to ask Arab leaders to reconsider. Now he apparently has his answer from the oil-rich nations. At this week’s annual OPEC+ meeting, Saudi Arabia announced that it would be “voluntarily” reducing production by another one million barrels per day in July and is urging the rest of the alliance to do the same. The move is expected to slow the gradual decrease in the price of oil and the corresponding cost of gasoline at the pump. It’s also a clear sign that Saudi Arabia and their good friends in Iran don’t give two hoots about any guidance from the White House anymore. (Wall Street Journal, subscription required)Read More