OPEC Announces a Two Million Barrel a Day Decrease in Production

OPEC Announces a Two Million Barrel a Day Decrease in Production

October 5, 2022

Today, the Organization of the Petroleum Exporting Countries (OPEC) and its Russian allies have decided to slash production of two million barrels of oil daily. This is a very calculated move designed to hurt the United States.  

The Wall Street Journal reports on OPEC’s decision and how it could benefit Russia.  

“The decision could undermine a plan by the Group of Seven wealthy nations to cap the price of Russian oil on the global market, a key part of the West’s economic battle with Moscow. It came less than three months after President Biden visited Saudi Arabia, the OPEC’s de facto leader, in a bid to repair relations between the world’s biggest oil consumer and its biggest crude-oil exporter during a period of rising inflation driven in part by high energy prices.” 

OPEC wouldn’t be making this move if the Biden/Harris administration had not decided to drain our Strategic Petroleum Reserve, which is currently sitting at its lowest level since 1984. This is an excellent example of why being energy independent would only benefit this country. There will be a significant spike in gas prices in the coming weeks, and this winter will be tough for families across the country.  

Larry Behrens, Communications Director for Power The Future, reacts to OPEC’s announcement. 

“President Biden is more interested in satisfying the green movement than helping middle-class Americans facing tough choices between heating and eating. Today’s news, combined with declining domestic energy production spells disaster for families hoping for relief from massive inflation and record prices at the pump. Less oil supply means higher prices, leading to more money flowing to Russia to bankroll their war in Ukraine. It’s no coincidence that OPEC waited until our strategic reserve was drained to a four-decade low because they know President Biden will double down on his failures rather than unleashing American energy production.”