White House Freaks Over OPEC Plan To Cut 2 Million Barrels Per Day

White House Freaks Over OPEC Plan To Cut 2 Million Barrels Per Day

Share to Linkedin VIENNA, AUSTRIA - OCTOBER 05: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud ... [+] (L) attends the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC (Organisation of the Petroleum Exporting Countries) and non-OPEC ministerial meeting in Vienna, Austria on October 05, 2022. (Photo by Askin Kiyagan/Anadolu Agency via Getty Images) Today the oil ministers of OPEC member nations gathered in Vienna for the first time in 2. 5 years and agreed to cut their oil production volumes by 2 million barrels per day. Is this really anything worth wringing hands over? As Forbes contributor Michael Lynch pointed out yesterday OPEC has been producing some 3 million bbl per day below its agreed quota levels for months, since well before Biden in July journeyed to Saudi Arabia to beg for more oil and was rewarded with only 100, 000 bpd. Bill Farren-Price, head of macro oil research at Enverus believes OPEC will cut from actual production levels, currently around 39 million bbl per day; "That means they will have to agree on what actual production really is." Farren-Price is concerned that OPEC could overstep. "There will be political consequences. This is