Biden Team Seethes Over OPEC+ Cut That Darkens Election Outlook
- Congressional allies demand retaliation against Saudi Arabia
- White House aide says no hint of huge cut in MBS meeting
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Bewildered Biden administration officials hunkered down Thursday in the wake of a shock oil production cut by Saudi Arabia and its OPEC+ allies, hoping that crude prices don’t spike ahead of November elections and end Democratic control of Congress.
US officials had sought to stave off the move, without success. Little more than three months after President Joe Biden traveled to Saudi Arabia to urge higher oil output for a global economy on the skids, the kingdom and the cartel it dominates said it would slash production by 2 million barrels per day.