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OPEC+, which includes the 15 OPEC members and the consortium’s Russian-led allies, voted Wednesday to cut oil production by 2 million barrels per day even though the White House urged the group to pump more oil, according to Bloomberg.
OPEC and its Russian-led allies will reduce crude oil production as they are concerned that oil demand will fall as the world enters a recession, Bloomberg reported. President Joe Biden’s senior officials have been attempting to pressure OPEC into voting against a production cut as the White House would consider this to be a “hostile act,” CNN reported on Wednesday.
The administration was “panicking” over OPEC’s potential to cut production as it is concerned that gas prices may continue to rise and hurt the Democrats’ chances in the November midterm elections, according to CNN. The White House aggressively lobbied Kuwait, Saudi Arabia, the United Arab Emirates and other OPEC members to vote against cutting oil production; however, its efforts failed as OPEC+ wants to keep oil prices steady by reducing global supply ahead of winter, according to Bloomberg.
