How Did the US Become OPEC-Dependent Once Again?

Saudi Crown Prince Mohammed bin Salman (R) greets U.S. President Joe Biden with a fist bump after his arrival in Jeddah, Saudi Arabia, on July 15, 2022. Bandar Aljaloud/Saudi Royal Palace via AP

News Analysis

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, surprised global energy markets on Oct. 5 by agreeing to slash crude production by 2 million barrels per day. In response to fears of waning demand amid worries of a global recession, the cartel thought it necessary to reduce production and help establish a floor for oil prices.