DUBAI, United Arab Emirates (AP) — Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day…
So with an average U.S. price now at roughly $3.50 per gallon of regular, according to AAA, that could mean gasoline over $4 per gallon during the summer.
“It’s a big deal because of the way oil prices work,” he said. “You are in a market that is relatively balanced. You take a small amount away, depending on what demand does, you could have a very significant price response.” Iraq said it would reduce production by 211,000 barrels per day, the United Arab Emirates by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000 and Oman by 40,000. The announcements were carried by each country’s state media.Article content
The cuts announced in October — of some 2 million barrels a day — had come on the eve of U.S. midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis.Article contentSince those cuts, oil prices have trended down.
“This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.-Saudi relations for the foreseeable future,” he said.
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