OPEC+ Contemplates Deeper Production Cuts Amid Rising Oil Prices

OPEC+ is reportedly considering an additional 1 million barrels per day (bpd) output cut in response to falling oil prices and rising anger over the Israel-Hamas conflict. The cartel is said to be "galvanized" by the conflict and members, including Kuwait, Algeria, and Iran, are agitated by the situation. The potential production cut could further inflame tensions with the US, but OPEC+ appears unconcerned about angering the Biden administration. The move could also impact Biden's efforts to keep oil and gas prices low ahead of the 2024 election. However, no final decision has been made, and Saudi Arabia's energy minister is expected to keep the focus on the oil market rather than the conflict.