The U.S. should increase pressure on OPEC and non-OPEC countries,which are failing to meet production forecasts, to open access toIOCs while authorizing oil production in ANWR, other promisingArctic areas, and the lower 48 states to expand domestic energyproduction. Rising oil consumption within key oil-producing statesleaves less oil for export, posing a significant constraint onfuture supply.
Last week, Opec+ countries announced a voluntary oil production cut by 1.16 million barrels per day (bpd). Reduced global oil supplies can impact the economy of India, which is dependent on oil imports for approx. 85% of its energy needs. Mint explains:
A surge in gas prices due to OPEC+'s crude output cuts would come as a blow to American drivers who have been enjoying a steady decline in costs since last year's highs.