(FreedomBeacon.com)- President Joe Biden recently begged the Organization of the Petroleum Exporting Countries (OPEC) to begin ramping up oil production to solve America’s rising costs crisis, and it hasn’t worked. OPEC and its allies have reported rejected Biden’s request to increase production, meaning that the United States is likely to experience a continued increase in oil prices unless Biden makes serious changes to his economic positions.
OPEC+, which is a coalition of countries that produce much of the world’s oil, including Saudi Arabia and Russia, said that there is no need to increase their planned oil production, following Biden’s request to increase production to assist with a global economic recovery following the pandemic.
According to a report from Reuters, one anonymous source said that there was no need to release additional oil and another source said that they have no concern that the planned schedule of production would leave demands unmet.
In other worse – the world doesn’t actually need any more oil.
Two other sources told Reuters that this was confirmed by the International Energy Agency.
OPEC+ is effectively a cartel of the world’s largest oil producers. It includes the 13 OPEC countries as well as a further 10 countries with large oil reserves. It was formed in 2016 when Saudi Arabia, which leads OPEC, came to an agreement with a number of other non-OPEC oil-producing countries – which were led by Russia – to limit oil production and influence the global price.
Biden’s National Security adviser Jake Sullivan – yes, the guy who led the disastrous withdrawal from Afghanistan – issued a statement saying that OPEC+ should increase oil output to reduce prices and help the global economy. It was a clear effort to help Biden drive down prices in the United States, where massive inflation has rocked the country thanks to his poor economic decisions.
In what universe was Russia and Saudi Arabia ever going to help the United States out?