US doesn’t want OPEC+ oil production cuts

OPEC+ meets on production on Wednesday and there is speculation that a cut of more than a million barrels a day could be made before November to support oil prices. There are even rumors that the daily production could be reduced by 2 million barrels. Oil prices have fallen sharply lately on concerns about an economic recession, but reports of a sharp OPEC+ production cut have fueled a rally in recent days.

The White House fears that the production cut could lead to higher fuel prices for motorists. Washington argues that economic fundamentals are now not strong enough to support an output cut, insiders told Reuters. Additionally, high fuel costs are undermining Biden’s popularity with American voters.

A White House spokesman declined to comment and said OPEC+ would await decisions. The spokesperson said there are still discussions with oil-producing countries on production and said it is important that there is enough energy to meet demand and guarantee higher prices. low for consumers around the world.