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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