OPEC Cuts Oil Supply Again

OPEC Cuts Oil Supply Again

June 5, 2023

Over the weekend, the Organization of the Petroleum Exporting Countries (OPEC) announced it would cut 1 million barrels of oil a day. This announcement comes less than a year after Saudi Arabia and other nations decided to cut production by 2 million barrels, defying President Biden’s travels to the Middle East to ask for increased oil output.

The Wall Street Journal reports,

VIENNA—Saudi Arabia said Sunday it would cut 1 million barrels of oil a day as part of a deal between OPEC and its allies after one of the most contentious production meetings in recent years amid concerns over slowing global energy demand.

Saudi Arabia said the output cut was for July and on top of previously announced curbs, which would be extended until the end of 2024. The United Arab Emirates and some other large producers also extended their previously announced cuts. 

This comes when the Biden/Harris Administration has continued to hinder U.S. oil production and drain our strategic reserves. Power The Future Founder Daniel Turner responds to OPEC’s latest move, 

“Joe Biden’s war on American energy has put OPEC squarely in the driver’s seat and thrown working families under the bus. Within the last twelve months, President Biden has drained our strategic reserve, begged Saudi Arabia for more oil, and continued to treat American energy producers worse than our adversaries. Instead of turning toward American industry leaders and might, President Biden’s reckless green religion is making OPEC great again.”