Shock OPEC+ Oil Production Cut Puts $100 a Barrel on Horizon, Crude Rises To >$80 On Oil Cartel Snub (Strategic Petroleum Reserve DOWN -42% Under Biden, Diesel Prices UP 64%)

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While Resident Biden is on good terms with the Mexican drug and sex trafficing cartels that control our southern border, the oil cartel just stuck their fingers in Biden’s eyes by cutting oil productions. Riyadh, Saudi Arabia was irritated last week that the Biden administration publicly ruled out new crude purchases to replenish SPR

  • Cartel removes more than 1 million barrels a day from market
  • Analysts say the decline in oil inventories will accelerate

Today, crude oil futures are up 6.62% to over $80 per barrel.

Sunday’s surprise OPEC+ production cuts have redefined the outlook for crude prices, bringing $100 a barrel back into the frame.

Prior to the announcement, the cartel’s own numbers suggested the group would need to pump more oil, not less, in the second half. With the International Energy Agency expecting a demand surge later this year, there’s now renewed risk of a fresh inflationary impetus for the global economy. 

Under Biden’s Reign of Error, diesel prices are up 64% while the Strategic Petroleum Reserves (SPR) have been drained by -42%.

St. Benedict, help protect us from Biden and The Federal Reserve.

Published by confoundedinterest17

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