{"id":1674025,"date":"2022-10-05T12:37:32","date_gmt":"2022-10-05T16:37:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1674025"},"modified":"2022-10-05T12:37:40","modified_gmt":"2022-10-05T16:37:40","slug":"opec-agrees-to-sharply-cut-oil-output-in-blow-to-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-agrees-to-sharply-cut-oil-output-in-blow-to-biden\/","title":{"rendered":"OPEC+ Agrees to Sharply Cut Oil Output in Blow to Biden"},"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%2Fopec-agrees-to-sharply-cut-oil-output-in-blow-to-biden%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=1674025&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>The <a href=\"https:\/\/www.theepochtimes.com\/t-opec\">OPEC<\/a>+ alliance of crude-producing countries has agreed to deep cuts in oil output, providing a likely floor to falling prices and delivering a blow to President Joe Biden\u2019s pleas for the cartel to boost production to help quell soaring inflation.<\/p>\n<p>The\u00a0Organization of Petroleum Exporting Countries (OPEC) and its oil-producing allies, known as OPEC+, agreed to cut production by 2 million barrels per day (bpd), with the decision coming at an <a href=\"https:\/\/www.opec.org\/opec_web\/en\/multimedia\/349.htm\">Oct. 5 meeting<\/a> in Vienna, Austria.<\/p>\n<p>The cuts came as little surprise to markets, which had been expecting the cartel to slash output even as the White House reportedly launched a last-ditch effort to persuade OPEC not to go ahead with the cuts.<\/p>\n<p>Draft White House talking points to the U.S. Treasury Department, which were <a href=\"https:\/\/edition.cnn.com\/2022\/10\/04\/politics\/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms\/index.html\">reported by CNN<\/a>, described the expected cuts as a \u201ctotal disaster\u201d and that they could be seen as a \u201chostile act.\u201d<\/p>\n<p>At a press conference following OPEC\u2019s meeting, Saudi Arabia\u2019s Energy Minister Prince Abdulaziz bin Salman dismissed suggestions from reporters that the cuts could be seen as \u201cbelligerent,\u201d arguing instead that the decision is meant to provide stability to oil markets.<\/p>\n<p>Crude prices jumped on news of OPEC\u2019s cuts.\u00a0Brent crude and West Texas Intermediate (WTI) futures were up 2.1 percent and 1.96 percent respectively, as of 11:00 a.m. EST, on Oct. 5. Brent was trading at $93.61 per barrel, while WTI was trading at $88.05 per barrel.<\/p>\n<p> \u2018Reliance on Foreign Oil\u2019 <\/p>\n<p>Sen. John Kennedy (R-La.) said that the Biden administration\u2019s dependence on foreign oil supply, rather than boosting domestic output, means OPEC\u2019s decision will mean American drivers will face higher costs at the pump.<\/p>\n<p>\u201cOPEC is taking advantage of Pres. Biden\u2019s reliance on foreign oil and slashing supply, which will drive up prices that Louisianians pay. It\u2019s as simple and sad as that,\u201d he said<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The OPEC+ alliance of crude-producing countries has agreed to deep cuts in oil output, providing a likely floor to falling prices and delivering a blow to President Joe Biden\u2019s pleas for the cartel to boost production to help quell soaring inflation. The\u00a0Organization of Petroleum Exporting Countries (OPEC) and its oil-producing allies, known as OPEC+, agreed [\u2026]<\/p>\n","protected":false},"author":118,"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-1674025","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\/1674025","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\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1674025"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1674025\/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=1674025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1674025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1674025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}