OPEC+ Leaves Lower Oil Production Targets In Place—As Biden Reportedly Scraps Plans To Punish Saudi Arabia Over Cuts

OPEC+ Leaves Lower Oil Production Targets In Place—As Biden Reportedly Scraps Plans To Punish Saudi Arabia Over Cuts

Share to Linkedin The OPEC+ alliance of oil-exporting countries left its targets for global oil production in place Sunday in its first meeting since announcing cuts in October, as the Biden Administration reportedly backs off its earlier threats to punish Saudi Arabia—a leader of the 23-member bloc—after fears of an OPEC-driven spike in oil prices subsided. President Joe Biden has reportedly softened his stance on punishing Saudi Arabia following OPEC+'s ... [+] October decision to slash global oil production. (Photo by MANDEL NGAN/AFP via Getty Images) Following its meeting Sunday, OPEC+ announced it would hold current oil production projections, citing uncertainty as the European Union prepares to ban many Russian oil imports and several countries plan to cap the price of Russian oil, two measures that are set to take effect Monday as punishment for Russia's invasion of Ukraine. Meanwhile, the Biden Administration is no longer pursuing retaliatory measures against Saudi Arabia for initially slashing oil production in October, NBC reported Saturday, as the cuts have defied expectations that they may raise U. S. gas prices, which have plummeted since reaching an all-time high in June. The Wall Street Journal reported Sunday that ahead of OPEC+'s decision, American officials indicated