A looming decision by OPEC on whether to slash production could lead to another spike in oil prices – this time ahead of the United States’ midterm elections in November, The Hill reported.
The potential cut, which might be as large as 2 million barrels per day, would likely reverse much of the Biden administration’s progress on tackling gas prices and inflation over the last several months.
News of a pullback comes after President Joe Biden approved the fifth emergency sale from the U.S. strategic oil reserves in July. It was a risky move that directly hurt OPEC’s hold on the market and could now instigate retaliation.
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