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OPEC+ decision leads to bipartisan ban on arms sales to Saudi Arabia
A bill introduced by Sen. Richard Blumenthal and Rep. Ro Khanna on Oct. 11 would ban for a year all arms sales to Saudi Arabia.
As a result of the Organization of Petroleum Exporting Countries plus Russia (OPEC+) cutting oil production substantially, Saudi Arabia, one of the best allies of the United States, has recently faced attacks from Democrats.
It was announced on Oct. 5 that OPEC+ will reduce the amount of oil it produces by two million barrels per day. This will have tangible consequences for American consumers.
According to OPEC+, the announcement represents the largest reduction in oil production since the COVID-19 outbreak began. The group cited "uncertainty surrounding the global economic and oil market outlooks."
With OPEC's decision, global oil production will drop by approximately two percent since approximately 100 million barrels of oil are produced every day. Experts estimate that consumers will be hit by more than two percent.
Fuel prices and other energy costs have already risen substantially since President Joe Biden took office in January 2021. The United States' strategic reserves of oil helped Biden wrangle prices down for a while, but prices remain much higher than they were a year ago.
12 October 2022
