OPEC Leaves Output Plan Intact, Defies Biden Pressure
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The Organization of the Petroleum Exporting Countries (OPEC) and its crude-producing allies, OPEC+, agreed to maintain their production plan, despite calls from other countries to increase output to cool global energy markets.
“Biden believes that if he tells OPEC to jump they should ask how high. His energy policy is, in reality, a hot mess with mixed signals about wanting lower energy prices for U.S. consumers but at the same time he is doing everything he can to raise prices,” wrote Phil Flynn, the Senior Market Analyst at The PRICE Futures Group, in his latest edition of “The Energy Report.”
