OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut – Prices Soar

The FT reports that, according to people familiar with Saudi Arabia’s thinking, Riyadh was irritated last week that the Biden administration publicly ruled out new crude purchases to replenish the strategic stockpile that had been drained last year as the White House battled to tame inflation. As an aside, we joked just a few days ago that contrary to its earlier reps and warranties that the US would start refilling the SPR if oil dropped below $72, that