What OPEC's Surprise Oil Production Cuts Have to Do With De-Dollarization
The Breakdown
00:00
The White House's Noncommitment to Refill the Strategic Petroleum Reserve
The White House has canceled 140 million barrels of sales from the Strategic Petroleum Reserve. The move was seen as an olive branch to Saudi Arabia, who had been urged to help with high inflation by pumping additional oil earlier last year. Now according to sources speaking with the financial time, Saudi Arabia has viewed this shift in policy as a slap in the face. It's not exactly surprising that OPEC are taking precautions to control supply with the risk of a nasty recession looming.
Play episode from 08:31
Transcript
