Crude oil futures are starting to react after OPEC’s decision to cut production by 2 million barrels a day. It is the largest reduction since the start of the pandemic and it comes after fuel prices finally began to slump after reaching record highs this summer.
Carley Garner is a frequent guest on RFD-TV and she told us that OPEC’s decision is a “slap in the face” to leaders around the world.
“Honestly it was a shocker. I thought they’d come in with a million, maybe half a million, 500,000 barrels. Two million was honestly, they might as well have declared war on the U.S. or the west,” said Garner.
Garner adds the move is largely symbolic because OPEC has not reached its production goals as of late, but it throws the markets into further chaos. She said a friendlier environment for shale producers could fix the problem, but it would take time.
