RE:RE:OPEC+ extends deep oil production cuts into 2025You forget one thing. The US under FJ Biden, has been using it's own reserves to combat inflation so Biden can win the election.
Price of oil in Spot market is kept in check but in reality the US Strategic reverses are taking a big hit.
This OPEC cut is going to keep the US reserves going down which weakens US dependancy on foreign oil. At it's peak, under Biden, it was 656M BBL now down to 369M BBL at the end of May.
Opec cuts weakens US reserves. If Democrats don't win the election the reserves may not be depleted any further (perhaps) under Trump. Then crude will increase in price and the US inflation will go higher and interest rates will go up; unless OPEC+ increases production to keep prices where they like them to be.