How OPEC and Saudi Arabia could shape Bidens political fate [Video]

OPEC and its allies could play a major role in the outcome of the U.S. presidential election this November, as observers watch closely for signs that the world’s two largest oil exporting nations, Saudi Arabia and Russia, will raise prices by cutting production.

Keeping in place voluntary cuts of 2.2 million barrels per day on top of the cartel’s total combined production cuts of 5.86 million bpd could push up gas prices in the U.S., which are closely tied to presidential approval ratings and have been a thorn in the side of President Joe Biden during his first term.

But unlike his early years in the White House, Biden now has far fewer resources at his disposal to help alleviate gas prices — including a depleted U.S. emergency oil stockpile and a more emboldened OPEC+, which has shown it is willing to buck U.S. requests in favor of its own bottom lines.

OPEC+ “is going to …