OPEC+ Cuts Oil Output, Biden Releases More Reserves to Counter Impact on Gas Prices

OPEC+ agreed Wednesday to cut its oil output by 2 million barrels per day, despite pressure from the U.S. to keep production high. In response, President Joe Biden said he would release 10 million additional barrels from strategic reserves to stabilize gas prices. 

The move by OPEC+ could raise global gas prices and provide an economic boost to Russia. Oil prices hit three-week highs following the announcement but remained well below June’s high of $120 per barrel. OPEC+ attributed the output cuts to “uncertainty that surrounds the global economic and oil market outlooks.” The White House called the move “disappointing,” arguing it would hurt “lower- and middle-income countries” the most. 

With the 2022 midterm elections just one month away, many suggested higher gas prices could boost Republicans, who blame Democrats for higher costs. U.S. gas prices fell for nearly 100 days over the summer but began rising again in late September. 

Coverage was widespread across the spectrum, with some coverage from the right framing OPEC+ as ignoring or slighting Biden. While most coverage focused on OPEC+ and gas prices, Fox Business (Lean Right bias) stood out by highlighting Biden’s use of strategic oil reserves. CNN Business (Lean Left bias) highlighted that the output cut was “the biggest cut to oil production since the start of the pandemic.”