Inside the White House’s failed effort to dissuade OPEC from cutting oil production to avoid a ‘total disaster’ | CNN Politics
Washington CNNThe Biden administration launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter.
But that effort appears to have failed, following Wednesday s crucial meeting of OPEC+, the international cartel of oil producers that, as expected, announced a significant cut to output in an effort to raise oil prices. That in turn will likely cause US gasoline prices to rise at a precarious time for the Biden administration, just five weeks before the midterm elections.
On Wednesday morning, OPEC+ oil ministers meeting in Vienna agreed to an even larger production cut than the White House had feared 2 million barrels per day, beginning in November, according to a readout of the meeting released on Wednesday. The ministers said the cuts were necessary in light of the uncertainty that surrounds the global economic and oil market outlooks.
via www.cnn.com
I would attribute this to “Joe’s ability to f*** things up,” to use President Obama’s famous phrase. PJB’s staff does not seem much better.