{"id":1673861,"date":"2022-10-05T11:34:58","date_gmt":"2022-10-05T15:34:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673861"},"modified":"2022-10-05T11:36:01","modified_gmt":"2022-10-05T15:36:01","slug":"in-blow-to-biden-opec-prepares-deep-cuts-to-oil-production","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-blow-to-biden-opec-prepares-deep-cuts-to-oil-production\/","title":{"rendered":"In Blow To Biden, OPEC Prepares Deep Cuts to Oil Production"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fin-blow-to-biden-opec-prepares-deep-cuts-to-oil-production%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673861&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Ahmad Ghaddar, Alex Lawler, and Rowena Edwards<\/p>\n<p>VIENNA\/LONDON (Reuters) \u2013 OPEC+ agreed on its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.<\/p>\n<p>The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates, and a stronger dollar.<\/p>\n<p>The United States had pushed OPEC not to proceed with the cuts, arguing that fundamentals don&#8217;t support them, a source familiar with the matter said.<\/p>\n<p>&#8220;Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden Administration ahead of U.S. mid-term elections,&#8221; Citi analysts said in a note.<\/p>\n<p>&#8220;There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill,&#8221; Citi said, referring to a U.S. antitrust bill against OPEC.<\/p>\n<p>JPMorgan also said it expected Washington to put in place countermeasures by releasing more oil stocks.<\/p>\n<p>OPEC+ sources said the agreed production cuts of 2 million bpd or 2% of global demand would be made from existing baseline figures.<\/p>\n<p>That means the cuts would be less deep because OPEC+ fell about 3.6 million barrels per day short of its output target in August.<\/p>\n<p>Under-production happened because of Western sanctions on countries such as Russia, Venezuela, and Iran and output problems with producers such as Nigeria and Angola.<\/p>\n<p>Goldman Sachs analysts said they estimated the real production cuts would therefore amount to 0.4-0.6 million bpd mainly by Gulf OPEC producers such as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait.<\/p>\n<p>Analysts from Jefferies said they estimated the real cuts at 0.9 million bpd.<\/p>\n<p>OIL PRICES RISE<\/p>\n<p>Saudi Arabia and other members of OPEC+\u2014which groups the Organization of the Petroleum Exporting Countries and other producers including Russia\u2014have said they are seeking to prevent volatility rather than target a particular oil price.<\/p>\n<p>Benchmark Brent crude traded flat at $92 per barrel<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VIENNA\/LONDON (Reuters) &#8211; OPEC+ agreed on its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.<br \/>\nThe post In Blow To Biden, OPEC Prepares Deep Cuts to Oil Production appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1673861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1673861"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1673861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1673861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1673861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}