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 kirsten price Watch Video
Preview(s): Play Video: (Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
Your browser does not support playing the video.Please download the video!
⏲ Duration: 0:38 👁 View: 14.3M times ✓ Published: 05-Jun-2024
Description: 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.