OPEC Thumbs Nose at US, Cuts Oil Production

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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.