Oil Cartel Delivers Bad News For Biden Ahead Of US Elections

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 will remain high through this fall’s presidential election, according to The Wall Street Journal.