The Organization of Petroleum Exporting Countries (OPEC) did not ramp up production as significantly as President Joe Biden (D) had asked with potential production cuts being considered in September.
OPEC is comprised of 13 nations that are substantial producers of petroleum and include Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
The Saudi Energy Minister Prince Abdulaziz bin Salman stated that oil production may have to be reduced in order to stabilize markets that are on the edge of entering recession and as the war in Ukraine continues to rattle the world economy and reduce oil demand, according to Breitbart.
Additionally, the Saudi Minister explained that Russia, which is a member of OPEC+, remains in good standing with the organization and they will be included in future OPEC agreements despite their invasion of Ukraine.
While Biden has repeatedly requested that Saudi Arabia increase their production capacity to quell rising gas prices domestically, the kingdom will only be increasing output by 100,000 barrels a day in September.
One potential reason for this is the possibility of Iranian oil once again entering world markets, according to Reuters, as the Biden Administration continues to placate the Iranians in hopes of reestablishing a nuclear deal.
While President Biden continues ahead with a potential nuclear deal, thus dealing with our enemies rather than aiding our allies, he abandons the rest of the Middle East at a time when unity against Iran is increasingly possible following the Abraham Accords and the growing support for normalizing relations between Israel and Arab countries in the region.
Infamously, President Biden was recorded speaking with French President Emmanuel Macron earlier this year where he was told by the French statesman that the OPEC countries could no longer increase their output, further showing the importance of America being energy independent.
As the average gas price remains around $3.85, largely driven by the administration’s release of oil from the emergency oil reserves, President Biden continues to beg foreign countries to drill more instead of utilizing American resources to alleviate the nation’s energy freefall.
The president needs to release American energy instead of continuing to placate leftist environmentalists who weaken national security and make the country dependent on foreign actors.
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