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Biden's Battle To Bring Oil Prices Down


This week’s noteworthy elements include more than just the slow sapping of the U.S. Strategic Petroleum Reserves, which have fallen to 416 million barrels - levels not seen since July 1984 when U.S. crude oil demand was less than 16 million barrels per day. OPEC+ took center stage this week, both before, during, and after its Wednesday meeting. The full OPEC+ group decided on Wednesday to cut its production targets for November by 2 million bpd - a move that would result in a real production cut of just over a million barrels per day, factoring in those countries that are already producing below the newly dropped quotas. 

OPEC+’s move was criticized heavily around the world - with the most vehemence coming from major oil importers as well as the United States, along with media who pleaded the case for energy-troubled Europe. OPEC+ didn’t even attempt to silence the rumors leading up to the meeting that it was planning on cutting production. This sent the Biden Administration scurrying to alter the outcome of the meeting before it started. Nevertheless, OPEC+, at the prodding of both Saudi Arabia and Russia, decided to cut more production than most thought possible prior to this week. 

To hear OPEC+ tell it, the group cut production due to market uncertainties, namely a global recession that could weigh on oil demand. Media has portrayed the cuts as a defense of a particular price, which some analysts have pegged around $90 per barrel. The Biden Administration must…

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