08.10.2022 - 17:08 [ Oilprice.com ]

The OPEC+ Cut Is A Disaster For President Biden

Saudi Arabia, the country that will spearhead the production cuts (Russia is already producing at its decreased target), has put the Biden Administration between a rock and a hard place only several weeks before the midterm elections. Confronted with the prospect of rising gasoline prices, the White House needs to react swiftly if it does not want to be seen as weak.