Deep OPEC Output Cuts Upend Biden’s Attempt To Lower Oil Prices ...Middle East

I tell people that to understand OPEC, you have to put yourself in their position. Their objective is to maximize the value of the oil they have in the ground. That objective is directly contrary to the desires of most U.S. politicians and consumers — which is access to cheap gasoline. Oil prices have been rising since the pandemic-related production disruption in 2020. That price rise accelerated when Russia invaded Ukraine. In an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic…

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