The move signals their unhappiness with crude oil prices that have dropped because of recession fears.
Oil pumpjacks operate on August 5, 2022 near Ventura, California. The Inflation Reduction Act of 2022 holds provisions for climate change including tax incentives for clean energy production in what would be a major legislative accomplishment for theOPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.
But worries about slumping future demand have helped send prices down from June peaks of over $120 per barrel, cutting into the windfall for the government budgets of OPEC+ countries but proving a blessing for drivers in the U.S. as pump prices have eased. Meanwhile, a deal between Western countries and Iran to limit Tehran’s nuclear program could ease sanctions and see more than 1 million barrels of Iranian oil return to the market in coming months. However, tensions between the U.S. and Iran appear to have risen in recent days: Iran seized two U.S. naval drones in the Red Sea, and U.S., Kuwaiti and Saudi warplanes flew over the Middle East on Sunday in a show of force.
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