Connect with us

Hi, what are you looking for?

Politics

OPEC Cuts Oil Production Just Weeks After Biden Fist Bumped Saudi Crown Prince

OPEC announced that they were going to cut oil production by 100,000 barrels per day in October – this is the same amount they increased production by in September.

In a statement, the group said the increase was only meant for September and not something that was meant to continue.

CNN reported:

OPEC said Monday it would reduce oil production next month, the cartel’s first output cut since the depths of the pandemic, as it braces for a global economic slowdown to hit demand.

The Organization of the Petroleum Exporting Countries and allied oil producing nations, including Russia, agreed to shave 100,000 barrels per day off their production targets in October.

Just a month ago, the OPEC+ group agreed to increase production in September by the same small amount — equivalent to about 0.1% of global demand — after coming under intense pressure from the United States and other big oil consumers to do more to bring down energy prices and inflation.

Just a few weeks ago, Biden fist bumped Saudi Crown Prince Mohammed bin Salman ahead of the summit between the two leaders.

Saudi Arabia is a founding member of OPEC.

The Epoch Times reported:

The cuts come weeks after U.S. President Joe Biden and Saudi Crown Prince Mohammed bin Salman engaged in a fist bump ahead of a much-anticipated summit between the two leaders. The meeting resulted in Riyadh agreeing to expand capacity by a tepid 100,000 bpd, one of the smallest production increases in the kingdom’s history. OPEC’s decision effectively reversed Saudi Arabia’s move this summer.

For the antidote to media bias, check out ProTrumpNews.com!

The post OPEC Cuts Oil Production Just Weeks After Biden Fist Bumped Saudi Crown Prince appeared first on The Gateway Pundit.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Economy

2022 Election Biden Is Very Unpopular. It May Not Tell Us Much About The Midterms. By Nate Silver Jul. 15, 2022, at 6:00 AM...

Politics

The Gateway Pundit’s Jordan Conradson joined Steve Bannon’s War Room this morning to discuss the Maricopa County Republican Committee’s resolution to formally reject the...

Editor's Pick

Humans have a natural avoidance of pain. And it’s no different in trading. Most traders fear losses more than they enjoy their wins. After...

Politics

The Biden administration is so afraid of being blamed for the state of the economy that they are trying to redefine the word ‘recession’...