Democrat President Joe Biden has just suffered a huge defeat after the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) confirmed it will slash oil output.
The move will hit Americans hard as global oil prices are now expected to soar even higher.
As Slay News reported, Biden went to Saudi Arabia over the summer and came back with nothing but egg on his face.
After Biden’s failed trip to Saudi Arabia, OPEC started talking about cutting oil production, which would jack prices up across the globe.
Biden and his team were apoplectic and pressed our key Mideast allies not to do it.
On Wednesday, OPEC snubbed Biden further by agreeing to cut its collective output limit by 2 million barrels per day.
The move marks the biggest reduction by OPEC and its allies since 2020.
However, the move will hurt American families who are already battling red hot gas prices.
OPEC…Oh Boy! Can’t wait for this conversation https://t.co/QHdcpjI4SF
— Charles V Payne (@cvpayne) October 5, 2022
.@RoKhanna on potential OPEC cut: “President Biden should make it clear that we will stop supplying the Saudis with weapons and air parts if they fleece the American people and strengthen Putin by making drastic production cuts … They needs us far more than we need them.”
— Jeff Stein (@JStein_WaPo) October 5, 2022
OPEC and its Russia-led allies on agreed to slash 2 million barrels a day
The decision could undermine a plan by the G7 to cap the price of Russian oil on the global markethttps://t.co/19CCTkVoth
— Nick Timiraos (@NickTimiraos) October 5, 2022
As Slay News reported earlier, Biden’s White House has been “panicking” over the prospect of OPEC slashing output.
On Tuesday’s broadcast of CNN’s “The Lead,” the network’s Senior National Security Correspondent Alex Marquardt said, “We have learned, myself and our colleagues Natasha Bertrand and Phil Mattingly, is that there is this furious, last-ditch, wide-scale effort to lobby the OPEC-plus oil-producing countries to not cut oil production, that senior members of the Biden administration are reaching out to members of the cartel, including Saudi Arabia, Kuwait, and the United Arab Emirates.
“This effort is being led by the top Biden administration official for energy, Amos Hochstein.
“They’ve also enlisted the top White House official for the Middle East, Brett McGurk.
“But interestingly, they’ve also — just to show you how widespread this is — reached out to the Treasury Secretary, Janet Yellen, asking her to reach out to counterparts around the world.
“And we actually got talking points that the White House sent to Treasury that have very blunt language suggesting that Yellen say some of this to her counterparts.
“They say that this would be a ‘total disaster’ it would be seen as a ‘hostile act’ against the United States. This is very blunt language.
“The White House says that these were draft talking points and not used,” he said.
“But it does give insight into how nervous they are, Jake.”
Democrat Senator Chris Murphy also weighed in on the situation.
“I think it is a mistake on their part. And I think it’s time for a wholesale re-revaluation of the U.S. alliance with Saudi Arabia,” Murphy told CNBC.
“I just don’t know what the point of the current alliance is, if we have to work so hard to get the Saudis to do the right thing,” he added.
United Arab Emirates Energy Minister Suhail Al Mazrouei said the decision was “technical.”
“It’s very important that it remains as a technical decision and it’s not political,” he said.
“That’s why it’s important to look at the technical side of the equation and look at any concerns regarding the economy and the status of the economy.”