OPEC+ Extends Oil Production Cuts, Raising Concerns of Higher Global Prices. Here's Why That Could Spell Bad News for the Biden’s Re-election Chances from global namespace Watch Video

⏲ Duration: 0:38
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✓ Published: 05-Jun-2024

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OPEC+ agreed to extend existing oil production cuts of more than 3 million barrels per day through the end of 2025, as well as ongoing cuts of over 2 million barrels per day through September 2024. The cuts could raise global oil prices by prolonging supply restrictions at a time when demand concerns remain. Higher prices could negatively impact the US economy ahead of the 2024 elections. The Biden administration may be concerned about a potential spike in energy costs impacting voters. It has taken some actions to increase fuel supply and tamp down prices.