Fallout from OPEC oil production cut continues

in oil •  2 years ago 

Last Wednesday OPEC announced a 2 million barrel a day production cut. Despite the Biden administration begging them not to. And despite Biden selling nearly half of the oil in the US Strategic Petroleum Reserve to bring down prices (which is not what that reserve is supposed to be for - it's meant to be used in emergencies like Hurricane outages in the Gulf of Mexico).

Tweets like the following are doing the rounds:

https://twitter.com/JohnArnoldFndtn/status/1578454599522201600

I am still shocked Saudi led an OPEC+ cut one month before midterms given the importance of gas prices to the administration. It’s such a blatant slight to Biden that it must be indicative of deep cracks in the relationship at both personal and country level.

This dates back to 2020 when Biden called Saudi a "pariah state", while simultaneously not saying anything about Putin at the time.

Guess what happens when you mouth off at the wrong country? They refuse to take your calls.

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