We’ve learned that OPEC countries (remember those guys?) are cutting back production. This is the story:
A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy.
OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering since 2020 to reduce production by 2 million barrels per day from November.
Furthermore, these cuts come after President Biden urged to increase production. So much for Joe Biden being the wise veteran who was going to restore our alliances and make us loved again. I don’t hear “A whole lotta love” coming from the Middle East. What I hear is that you are weak and we follow the strong horse around here. Biden is no strong horse in the eyes of the world.
If you remember 1973-74, some of this may sound like watching an old scary Vincent Price movie. Back then, we had the Oil Embargo and it screwed up the 1970s.