OPEC Price Cuts Could Have Major Political Fallout

President Biden has had to deal with a lot in the first two years of his presidency. 

Between the pandemic, inflation, and a war in Eastern Europe that has no signs of abating anytime soon, the President has had a lot on his plate. 

Arguably the biggest part of the meal he needs to get his hands on is gas prices, however, and this week he found out that the oil cartel OPEC+ won’t be lending him a helping hand anytime soon. 

OPEC on Wednesday announced that it will impose production cuts of 2 million barrels per day starting in November, following the group’s first face-to-face meeting since 2020, when the group slashed output by a record 10 million per day due to the pandemic.