Oil prices rose Monday on news that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree on Wednesday to cut production. The Saudis and Russia are underscoring the folly of President Biden’s limits on oil and gas production, and his non-emergency release of oil from the national petroleum stockpile.
A couple of months ago, Biden sojourned to Saudi Arabia to beg the Crown Prince for help containing surging U.S. gasoline prices. Now it looks like the meeting was worse than unproductive. Reports say OPEC and its allies, including Russia, will consider slashing their production targets by a million barrels a day when they meet this week.