Did Saudi Arabia Just Hand the Midterms to the GOP?
Earlier this month, the world’s largest oil-producing countries agreed to significant cuts in production as a means of keeping oil prices high as the global economy faces a potential recession in the coming year. The group known as OPEC+, which includes both the OPEC countries and several other petroleum producers not formally in the global oil cartel, said it would cut production quotas by 2 million barrels per day starting in November. The decision, led by top oil exporter Saudi Arabia along with other Gulf countries, was also seen as a slap in the face to President Joe Biden, whose administration had been frantically lobbying the Saudis and other Gulf allies to maintain or increase output and allow prices to continue to fall.
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