Nearly 50 days after President Joe Biden folded like a cheap suit and went to Saudi Arabia in a desperate bid to drive down oil prices, OPEC and allied oil-producing countries announced they will cut oil production.
It is embarrassing for Biden to let Saudi Arabia, a country that would not exist without our protection, or would certainly have new leaders without our protection, behave in this disloyal way.
Robby Starbuck said: “Biden just got clowned by OPEC. He went to Saudi Arabia and begged for cuts to bring down the price of gas instead of unleashing oil production in the US. A few months later they turned around to work with Russia to cut oil output which raises the price of oil. Biden’s a failure.”
Election Wizard said: “52 days after President Biden traveled to Saudi Arabia, the kingdom has led OPEC+ into cutting oil production: quotas will be reduced by 100,000 barrels per day and further reductions remain on the table.”
According to ABC:
Oil producers such as Saudi Arabia have resisted calls from U.S. President Joe Biden to pump more oil to lower gasoline prices and the burden on consumers.
OPEC+ has stuck with only cautious increases to make up for deep cuts made during the COVID-19 pandemic, which were finally restored in August.
Since then, growing worries about slumping future demand have helped send oil prices down from June peaks of over $120 per barrel, cutting into the windfall for OPEC+ countries’ coffers but proving a blessing for drivers in the U.S. as pump prices have eased.
The supply cut for October is only a small fraction of the 43.8 million barrels per day under OPEC+ production goals, but wrong-footed several market analysts’ predictions of no change in output.
The amount of oil per day “may seem negligible, but the message from today’s cut is clear: OPEC+ thinks they’ve fallen enough,” Columbia University energy policy expert Jason Bordoff tweeted.
Oil prices jumped after the announcement. U.S. crude rose 3.3%, to $89.79 per barrel, while international benchmark Brent was up 3.7%, to $96.50, after the decision.