Energy
OPEC+ delays production increase, awaits arrival of Trump administration
By Craig Nigrelli (Reporter ), Brock Koller (Senior Producer), Jack Henry (Editor )
The oil cartel OPEC+ is extending its current production cuts as it anticipates the return of President-elect Donald Trump. It’s waiting to see how oil sanctions against Iran and Venezuela might play out.
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Bias Comparison
The Left
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The Center
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The Right
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75 other sources covering this story
Total News Sources
75
Leaning Left
14
Center
5
Leaning Right
8
Last Updated
4 months ago
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CNBC, citing sources and internal documents, reports the OPEC oil producers alliance has delayed plans to “unwind voluntary crude oil cuts.” They said it’s because of a lack of global demand and the conflict in the Middle East. Member countries produce about 40% of the world’s oil.
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The oil cartel is now restricting its production to about 40 million barrels a day, until the end of 2026. It had previously set the end date as December 2025. Saudi Arabia and Russia are currently holding back about 6 million barrels per day in an effort to shore up prices.
The Financial Times is reporting Trump’s threats to slap tariffs on some oil producers is an effort to exert pressure on Iran and drive down its oil exports.
“I think the Trump factor is a big uncertainty… we don’t know how tariffs will impact the price,” Amrita Sen, director of research at Energy Experts, said.
Oil supply has a large effect on the gas prices that Americans pay. AAA reported that of Thursday morning, Dec. 5, the average price for a gallon of regular unleaded gasoline is $3.02 a gallon.
That’s down from $3.22 a year ago and a huge drop from June 2022 when the national average was $5.01 a gallon.
THE OIL CARTEL, OPEC+ IS EXTENDING ITS CURRENT PRODUCTION CUTS AS IT ANTICIPATES THE RETURN OF PRESIDENT-ELECT DONALD TRUMP AND WAITS TO SEE HOW OIL SANCTIONS AGAINST IRAN AND VENEZUELA MIGHT PLAY OUT.
CNBC, CITING SOURCES AND INTERNAL DOCUMENTS, IS REPORTING THAT THE OPEC oil producers’ alliance has DELAYED PLANS TO QUOTE **UNWIND VOLUNTARY CRUDE OIL CUTS** BECAUSE OF A LACK OF GLOBAL DEMAND AND CONFLICT IN THE MIDDLE EAST. MEMBER COUNTRIES PRODUCE ABOUT 40 PERCENT OF THE WORLD’S OIL.
THE OIL CARTEL IS NOW RESTRICTING ITS PRODUCTION TO ABOUT 40 MILLION BARRELS A DAY, UNTIL THE END OF 2026. IT HAD PREVIOUSLY SET THE END DATE AS DECEMBER OF 2025. MAJOR PLAYERS, SAUDI ARABIA AND RUSSIA, ARE CURRENTLY HOLDING BACK ABOUT 6 MILLION BARRELS PER DAY IN AN EFFORT TO SHORE UP PRICES.
THE FINANCIAL TIMES IS REPORTING THAT DONALD TRUMP’S THREATS TO SLAP TARIFFS ON SOME OIL PRODUCERS IS AN EFFORT TO EXERT PRESSURE ON IRAN AND DRIVE DOWN ITS OIL EXPORTS.
AMRITA SEN, DIRECTOR OF RESEARCH AT ENERGY EXPERTS SAID “ I THINK THE TRUMP FACTOR IS A BIG UNCERTAINTY…WE DON’T KNOW HOW TARIFFS WILL IMPACT THE PRICE. “
OIL SUPPLY HAS A LARGE EFFECT ON GAS PRICES THAT AMERICANS PAY. TRIPLE A REPORTS THAT AS OF THIS MORNING, THE NATIONAL AVERAGE PRICE FOR A GALLON OF REGULAR UNLEADED GASOLINE IS 3.02 A GALLON. THAT’S DOWN FROM 3.22 A YEAR AGO AND A HUGE DROP FROM JUNE OF 2022 WHEN THE NATIONAL AVERAGE WAS 5.01 A GALLON
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Media Landscape
See how news outlets across the political spectrum are covering this story. Learn more
Left 52%
Center 19%
Right 30%
Bias Summary
- Consectetur mollis vivamus pretium eleifend montes habitasse efficitur sollicitudin aptent sit sodales facilisi viverra, mi cubilia mus tempor aliquet volutpat eros pulvinar nunc adipiscing suspendisse imperdiet.
- Tempor maximus donec blandit faucibus scelerisque vestibulum efficitur condimentum, molestie urna dapibus nisi tellus nam sed.
- Magna accumsan eros fusce hendrerit proin volutpat egestas mattis dis tempor neque auctor, efficitur maximus nulla himenaeos porttitor eleifend curae commodo vulputate purus.
- Ultricies neque potenti vel aliquet dictum lectus nisi elit justo sociosqu fusce integer, dolor venenatis mollis risus ornare vivamus hendrerit bibendum augue enim nascetur.
- Praesent etiam nascetur eu nisi augue bibendum suspendisse turpis litora dictumst mollis phasellus tortor mi purus neque, tempus habitant primis lectus velit mus platea euismod auctor at mattis metus non aptent sem.
- Curabitur est sodales fermentum rutrum malesuada maecenas taciti, faucibus gravida sed suspendisse curae elementum ipsum, eget non id rhoncus ornare tristique.
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Bias Comparison
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The Center
imperdiet faucibus lacus sed amet in sem habitasse aliquam pretium aptent, mus enim tempus elementum mi sollicitudin torquent proin hac.
The Right
potenti conubia nibh faucibus habitant phasellus luctus nisi parturient habitasse ac odio, vivamus efficitur aptent dapibus tempor diam arcu vulputate vestibulum lobortis.
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75 other sources covering this story
Total News Sources
75
Leaning Left
14
Center
5
Leaning Right
8
Last Updated
4 months ago
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