How OPEC+ is being exploited by the US [Video]

For nearly 18 months, the OPEC+ cartel has been cutting its production to prop up oil prices. It’s worked to a degree, with external events helping, but it’s also opened the door to allowing the US to become by far the world’s largest oil producer.

After a virtual meeting on Wednesday, the joint monitoring committee of OPEC+ announced that the 1.3 million barrels a day of cuts agreed to last June and the additional 900,000 barrels a day of cuts announced late last year would remain in place until July.

Taking into account earlier rounds of reduced production that began in late 2022, more than 5 million barrels a day – almost 5 per cent of global supply – …