OPEC once again has rejected pleas to increase oil production in the face of rising oil prices.
Ministers of Arab oil-producing countries gathered in Saudi Arabia on Sunday, refusing pressure for OPEC+ to increase production again amid coronavirus pandemic recovery efforts and as a potential war looms in Europe.
On Sunday, Saudi energy minister Prince Abdulaziz bin Salman told an industry conference in Riyadh how the pandemic and recovery efforts have “taught us the value of caution,” Reuters reported.
Bin Salman and his OPEC counterparts also have learned another thing: the value of supporting Russia—the major OPEC ally that adds the ‘+’ to OPEC—rather than a timid and irresolute Progressive-Democrat American administration.
Bin Salman and his OPEC counterparts also have been reminded of OPEC’s economic power as the world’s major oil producer, a power the organization also wielded against the US in the ’70s when we really were dependent on Middle East oil for our economy.
The difference today, of course, is that we have no need to be dependent on others—not OPEC, not an enemy nation oil and natural gas exporter—for our economic independence (which means our political independence, also). Our current dependency is solely the work of President Joe Biden (D) via his active war on our energy production industry and his surrender to Russia on Nordstream 2 after Russian President Vladimir Putin’s minions shut down Colonial Pipeline as a demonstration of things to come if Biden didn’t yield.