https://spectatorworld.com/topic/how-biden-failed-to-stop-opec-from-cutting-oil-production/
Near the top of President Biden’s to-do list for the past few months has been to keep gas prices down. On Wednesday, this was dealt a likely fatal blow by the Organization of Petroleum Exporting Countries (OPEC), which, led by Saudi Arabia, agreed to cut its overall production by two million barrels per day.
In actuality, the cut will mean a reduction of more like one million barrels per day if it’s taken into account that OPEC has been underproducing compared to its previously stated production goals. Still, this is a significant cut, and the effects on oil markets are already being felt.
The Biden administration has been scrounging around for ways to get more oil onto the market and lower prices, from releasing tens of millions of barrels from the Strategic Petroleum Reserve to chastising the oil producers themselves. In July, Biden went to Saudi Arabia in an attempt to smooth over America’s rocky relationship with Riyadh and get the Saudis to pump more oil (it seems neither succeeded).
Most egregiously, though, the administration is contemplating offering Venezuela sanctions relief as part of a deal to restart talks with the local opposition and — the real reason — to allow Chevron to produce oil in the country again. This is particularly troubling given that the regime in Caracas has no intention of giving up power and restarting “talks” is a useless gesture. Such a deal would project weakness at a time when projecting strength should be a top priority, as Russia’s war in Ukraine drags on and China threatens Taiwan.