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.’
OPEC+ Extends Cuts in Oil Output to Resist Price Decline
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
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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.

Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.