Tag: OPEC+

On Oct. 5, OPEC+, an international group comprising the world’s biggest oil producers, agreed to a significant cut in oil production in order to raise prices. Though the Biden administration launched an aggressive last-ditch campaign in order to dissuade the mostly Middle Eastern giants from carrying out that decision, those efforts ultimately failed. Now, according to Bloomberg, the White House is planning to announce additional sales of oil reserves in order to counter impending market pressure.