Tall Timbers
Imperfect but forgiven
The Organization of Petroleum Exporting Countries — OPEC+ — has, once again, delivered an embarrassing blow to the Biden administration and its ability to use the United States' influence to sway its decisions.
After previewing its plans to cut production by one million barrels of oil per day, the White House claimed it was engaged in a "last-ditch effort" to talk OPEC+ down from its proposal as gas prices in the United States had already reversed a dip to move upward in the last two weeks.
On Wednesday, OPEC+ announced that, despite Biden's begging, they were in fact going to cut oil production. But instead of just reducing output by one million barrels per day, they announced that they would reduce production by *two* million barrels per day.
The embarrassment mirrors Biden's previous fruitless attempts to convince OPEC+ to increase production — which were met with flat rejections.
https://townhall.com/tipsheet/spenc...rve-after-opec-embarrasses-him-again-n2614003
I guess the good news is diben can only continue to drain the reserve until there's nothing left to drain.
After previewing its plans to cut production by one million barrels of oil per day, the White House claimed it was engaged in a "last-ditch effort" to talk OPEC+ down from its proposal as gas prices in the United States had already reversed a dip to move upward in the last two weeks.
On Wednesday, OPEC+ announced that, despite Biden's begging, they were in fact going to cut oil production. But instead of just reducing output by one million barrels per day, they announced that they would reduce production by *two* million barrels per day.
The embarrassment mirrors Biden's previous fruitless attempts to convince OPEC+ to increase production — which were met with flat rejections.
https://townhall.com/tipsheet/spenc...rve-after-opec-embarrasses-him-again-n2614003
I guess the good news is diben can only continue to drain the reserve until there's nothing left to drain.
