Page 16 - Utput Cuts News Today

The Biden Administration’s efforts to keep OPEC+ from cutting production once again have failed, and despite the anger in Washington, a NOPEC bill might not be productive for the U.S.

OPEC+’s decision to cut production shouldn’t have surprised the U.S., but it didn’t, and while the short term impact on prices may be limited, the longer term impact on geopolitical relations will be much larger

The bullish news of the OPEC+ output cut is wearing off, and the market is once again focusing on the possibility of a global recession

Oil prices slipped further on Tuesday as the market reassessed the OPEC+ production quota cut

U.S. officials told Saudi Arabia prior to the OPEC+ meeting that it would help stave off a collapse in the oil market by buying oil at $75 per barrel to replenish the nation’s Strategic Petroleum Reserves

The Biden Administration has been successful in bringing down prices at the pump by releasing crude from its SPR, but this strategy has already proven to be unsustainable in the light of lower OPEC+ production

High inflation, record-level interest and mortgage rates and now rising gas prices are likely to reverse the gains made by Democrats on the economic front.

The leader of the non-OPEC oil producers in the OPEC+ alliance, Russia, is the biggest beneficiary of the 2 million barrels per day (bpd) cut announced this week

The Biden Administration directly announced that it was disappointed with OPEC+’s move to cut production, but despite its rhetoric, there’s little Washington can do to counter OPEC

WTI crude prices rallied back towards $90 as a result of the OPEC+ output cut, but prices may pull back as the Biden Administration is dead-set on bringing crude prices back to more palatable levels ahead of the Mid-terms