The Organization of Petroleum Exporting Countries and its allies announced plans Wednesday to cut oil production by 2 million barrels per day beginning in November.
The decision by the group, known as OPEC+, comes after it has increased output since oil demand plummeted early in the COVID-19 pandemic.
Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession, according to CNBC.
OPEC Secretary-General Haitham Al Ghais defended the group’s decision to impose a deep output cut, saying at a news conference that OPEC+ was seeking to provide “security [and] stability to the energy markets.”
Asked by CNBC’s Hadley Gamble whether the alliance was doing so at a price, Al Ghais replied: “Everything has a price. Energy security has a price as well.”
President Joe Biden called the group’s decision unnecessary and said more releases from U.S. petroleum reserves are possible.
He previously ordered the release of an extra 1 million barrels of oil per day from the nation’s strategic petroleum reserve in July as gas prices climbed above $4 per gallon throughout the United States.
“I need to see what the detail is. I am concerned, it is unnecessary,” Biden said Wednesday as he left the White House to tour hurricane-ravaged areas of Florida, according to CNN.
Bloomberg reported that the White House’s national security adviser, Jake Sullivan, and National Economic Council Director Brian Deese said in a statement that the United States would release another 10 million barrels of oil from the Strategic Petroleum Reserve in November.
“He is directing the Secretary of Energy to explore any additional responsible actions to continue increasing domestic production in the immediate term,” they said.
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Surely there is a law that prevents corrupt Presidents from raiding our Strategic oil reserve right before an election to buy Democrat votes with taxes paid for by people who oppose them? Having to replace oil needed for military emergencies purchased at $35/barrel by the previous administration with oil now rising above $100/barrel is outright political and illegal theft of Federal Government funds for personal and party use that also enriches countries that have sworn to destroy us, is an outright threat to our national security and worthy of impeachment and jail for subversion, and a threat to the security of our allies in Europe by capping American production. When the reserve runs dry just as war breaks out, a lot of people will have wished they voted for the guy with the orange hair when the inevitable Oil and gas prices are set to go way above what they already have. (AFTER the election of course). If Biden was not set on destroying our ranchers, farmers, small trucking businesses who might politically oppose him, just why is the cost of Diesel $1.50/gallon cheaper than gasoline?,,,,when it is a cheaper product to refine being the leftover product after refining off the higher octane gasoline product? This is obvious Democrat Party Class warfare by any and all means to destroy what self-governing segments of our society are left to oppose the corrupt socialists now disguised as traditional American Democrats.
EVEN IF THERE was a law ‘stopping him’ DO YOU Think they really care?
“OPEC To Cut Oil Production By 2M Barrels; Biden To Release More From Strategic Petroleum Reserve Ahead Of Election”
This is treason! Deliberately putting the U.S. at a disadvantage by depleting our country’s emergency/war fuel supply for his own political Party’s phony advantage. Fuel prices will immediately shoot back up after the November elections.
This traitor Joe Biden belongs in Prison NOT in the White House!
BUT who has the balls to DO ANYTHING about it? Certainly not the GOP (as we’ve seen time and time again)…
Another very STUPID move by whomever is making the decisions. Seems like they wish to destroy our country totally!
As i’ve said before, THAT IS THEIR goal!
By the time these FOOLS are done the US will not have a Strategic Petroleum Reserve. Tick tock tick tock……
Part of me fears THAT IS one of THEIR GOALS…