OPEC+ defies Washington's entreaties and cuts oil production

Today, the whole world is watching the world oil prices. The Organization of Petroleum Exporting Countries has sided with Russia. This is how the White House is reacting to OPEC+ countries' decision to cut oil production by 2 million barrels per day at once.

Earlier, the U.S. tried to dissuade the exporting countries from such a decision, since rising gasoline prices inside the U.S. would lower Biden's rating greatly. But as we can see, visits by Joe and his team to Saudi Arabia have not been successful. This is the loss of credibility of the current U.S. President's administration.

The production cuts are described as a "total disaster "and a "hostile act". Nevertheless, the decision is unanimous, and it takes effect in November.

As the Financial Times notes, the world oil prices have already begun to rise, and the U.S. has said it will release 10 million barrels from its strategic reserves next month.