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Oil Cartel Delivers Bad News For Biden Ahead Of US Elections

Posted on AllSides June 3rd, 2024
From The Right
Haitham El-Tabei/AFP via Getty Images

OPEC+ reached an internal agreement to prolong its oil production cuts, a move that could raise energy prices in the U.S. ahead of the pivotal 2024 elections, Reuters reported Monday.

The oil cartel, made up mostly of Middle Eastern nations and other oil-producing states — is prolonging existing production cuts of 3.66 million barrels per day through the end of 2025 and extending its ongoing cuts of 2.2 million barrels per day through September 2024, according to Reuters. The cartel’s deal to extend the cuts could mean that oil prices...

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