OPEC+ Extends Cuts in Oil Output to Resist Price Decline

President Biden has been draining the strategic reserves, a move criticized by political opponents who claim it is solely for ‘political purposes.’

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the 186th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023. Joe Klamar/AFP via Getty Images

Nations in the OPEC+ group have agreed to continue keeping daily oil output lower by nearly 4 million barrels per day in a bid to “support the stability and balance of the oil markets.”

The decision by the international consortium could resist any downward pressure on prices through the election season.