Tag: production cuts

Domestic Production Necessary To Address OPEC Production Cuts Through 2024

OPEC+ and Saudi Arabia’s oil production cuts will impact global oil price and American consumers. While the Biden administration has called these cuts short-sighted, it has failed to plan for the long term and consider the value of domestic production for Americans and global consumers. Short Term Impact Saudi Arabia will unilaterally shut in 1

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U.S. Industry can address OPEC+ Supply Cuts If Allowed

The OPEC+ surprise announcement to cut oil production 1.16 million barrels per day (bpd) shows that global market dynamics are again the deciding role in oil prices as the per barrel price in the United States spiked 5.31 percent to $84.13 a barrel. The price increase accounts for the largest rise in almost a year

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