OPEC+, which is the core group of the Organization of the Petroleum Exporting Countries, in addition to the other 10 oil exporting countries, decided in a vote to cut oil production by two million barrels per day starting in November. Two very prominent members of OPEC+ are Russia and Saudi Arabia. Oil production has been a very prominent issue as the cost of gas all over the world has increased tremendously, partly due to Russia’s war on Ukraine. This decision by OPEC+ will have detrimental effects on oil prices nationwide, especially as Europe, Asia and America begin to prep for winter. President Biden has previously tapped into the United State’s oil reserve to relieve the steep price of oil. Oil prices had begun to go down and are selling at around $80 a barrel compared to the $120 a barrel they were selling for in early June. This decision will surely increase the price of oil and be felt by everyone around the world.
BIDEN: “Disappointment. And we're looking at what alternatives we may have.”