OPEC Cuts Oil Production

[SB Shock]

Top aides to President Joe Biden voiced their fury with Saudi Arabia over OPEC+ oil production cuts Tuesday, saying the administration was undertaking a sweeping reevaluation of its relationship and planned to engage with lawmakers clamoring to punish the kingdom.

https://finance.yahoo.com/news/outra...212305891.html

They act mad, but are they really? Does the administration really care? There is a lot of profit for U.S. companies to make to keep the high prices.

Crude Oil Production barrels Per Day

1. U.S. 11,800,000
2. Saudi Arabia 11,051,000
3. Russia 10,298,000
4. Iraq 4,651,000
5. Canada 4,431,000
6. China 4,183,000
7. UAE 3,184,000
8. Brazil 2,829,000
9. Kuwait 2,811
10. Iran 2,572

If Biden was really mad, he would incentivize U.S. oil production and flood the market.

[SB Shock]

Saudi Arabia has clarified Biden adminstration request

Please Don’t Raise Prices Until After Midterms.

[ShockerPrez]

Right. After GOP has control of congress, the Dems and media can start blaming them for the economy.

Because everything is getting ready to go gangbusters, but the GOP is throwing cold water on it to tank the economy for political reasons.