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OPEC Thumbs Nose at US, Cuts Oil Production

Thursday, October 6, 2022

Much to the dismay of President Joe Biden, the Organization of Petroleum Exporting Countries and its allies are slashing crude production by 2 million barrels per day, an effort to try and revitalize oil prices that slumped about 38% from June 14 to September 26. A few years ago, consumers were spoiled with extremely low gasoline prices owing to a barrel of crude holding around $55 (give or take 10 bucks either way). Following the nosedive to under $10 a barrel at the peak of the Covid hysteria in April 2020, oil went on a wicked climb, with the continuous contract price for Brent crude reaching a nearly 14-year high at $139.13. Now, it is starting to look like oil may have found a new base around $80 a barrel.

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