Washington sees OPEC+ oil production cuts as a political ‘blow against Biden,’ says Dan Yergin
Washington sees OPEC+’s decision to slash oil production by more than 2 million barrels a day as political interference and a “blow” against U.S. President Joe Biden, said Dan Yergin, vice chair of S&P Global.
On Wednesday, the group of some of the world’s most powerful oil producers agreed to impose deep output cuts to shore up crude prices despite calls from the U.S. to pump more to help the global economy.
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“This is seen as, first of all, a blow against Biden who came to Saudi Arabia. Secondly, it’s seen as somehow political interfering in the U.S. election, although the cut doesn’t go into effect until November.”
The decision, which was made at OPEC and OPEC+’s first in-person meeting in Vienna since 2020, would mark the biggest cut since the pandemic began.
Biden visited the Saudi government in July in a bid to ramp up oil production and control soaring energy prices.
Oil prices rose to a three-week high on Wednesday after the announcement following three days of rallying. The West Texas Intermediate climbed 1.4% to $87.76 per barrel, while the Brent crude rose 1.7% to $93.37 a barrel in early trade.
Oil as a weapon
“The OPEC+ might find itself against the West with weaponized oil,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank, in a note.
He wrote that the oil supply cuts are “seen partly as a protestation of Russian oil price caps” and confirms the organization’s “naked desire for price buoyancy, not just support.”
Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on Oct. 5, 2022. “There seems to be a mini battle between [Strategic Petroleum Reserve] releases in the White House and what’s going on with OPEC+,” said Bill Perkins, CEO of Skylar Capital Management.
Vladimir Simicek | AFP | Getty Images
A production cut of around a million barrels a day would have led to price gains without compromising on volume, but the larger reduction shows the group’s “disregard for the economic woes of, and geo-political alignment with, global partners,” Varathan added.
Yergin, likewise, said the agreement is seen “not in economic terms” but as being more political in nature.
The decision also comes as the EU reached an agreement on capping Russian oil prices as part of a new sanctions package.
“The Russians have signaled in this case and other cases that they are going to do everything they can to frustrate a price cap on oil,” Yergin said.
‘Dangerous game’
“There seems to be a mini battle between [Strategic Petroleum Reserve] releases in the White House and what’s going on with OPEC+,” said Bill Perkins, CEO of Skylar Capital Management.
“In the end, OPEC+ is going to win that battle, the SPR will eventually run out of food it can withdraw. So that’s a dangerous game that we’re playing there,” he said.
A few weeks ago, the U.S. Energy Department announced it would sell up to 10 million barrels of oil from the SPR for delivery in November.
Perkins added that the point that the group wants to make is that price signals from the markets aren’t enough to “induce the investment or the supply response” that it needs.
Global oil prices skyrocketed to more than $120 per barrel after the Russian-Ukraine war broke out, but have tapered to slightly above $80 per barrel in the week before OPEC+’s decision to slash production.
However, when asked if the alliance’s decision would encourage more investment in crude oil production and infrastructure, Perkins struck a cautious note.
“It’s a good bet, but it’s a scary world right now,” he said.
“People might feel a little bit more brave to brave the macro economic headwinds … That being said, if there’s a giant recession, energy demand is one of the first things to go.”
Kia is extending one of its biggest promotions yet, knocking over $10,000 off every EV in its lineup.
Kia knocks $10,000 off EV models
Who said electric vehicles would get more expensive after the $7,500 federal tax credit ended? Kia must not have gotten the memo.
Last month, Kia launched a new promotion, offering a $10,000 customer cash discount for all EVs, including the EV6, EV9, and Niro EV. The discount knocks nearly 25% off MSRP on Kia’s cheapest model, the Niro EV. On the entry-level EV6, it’s 23% off MSRP, while $10,000 off the EV9 is about an 18% discount.
The discounts ended on December 1, but Kia has extended them for at least another month. During its Season of New Tradition sales event, Kia is now offering even more savings.
The 2025 Kia EV6 and Niro EV are now eligible for up to $11,000 in customer cash, including a $10,000 cash back offer and a $1,000 retail bonus cash discount.
If you’re looking for something a little bigger, the 2026 EV9, Kia’s three-row electric SUV, is available with up to $10,500 in bonus cash.
If you choose to finance, Kia is offering 0% APR for up to 72 months, plus $3,500 APR Bonus Cash on the EV6 and Niro EV. The larger EV9 is available with 0% APR for up to 60 months with a $3,000 APR Bonus Cash offer.
The 2025 Kia Niro EV and EV6 are available to lease, starting at $209 and $309 per month for 24 months. The 2026 EV9 is listed with monthly leases starting at $419.
The new sales event comes after Hyundai extended its EV promotions, keeping the IONIQ 5 as one of the most affordable EV leases in the US, starting at just $189 per month.
Kia’s Seasons of New Traditions sales event runs until January 2, 2026. Some deals may vary by region. You can see offers near you by using the links at the bottom.
Interested in test-driving one for yourself? We can help see what’s available in your area. Check out our links below to find Kia and Hyundai EVs near you.
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New Holland’s already excellent C314 mini track loader is even better for 2026 thanks to the debut of a new, all electric version that offers quiet, low maintenance, and emission-free running for round-the-clock operation.
State and federal governments may still be hashing out emissions laws and ZEV requirements, but it’s the municipal governments that write quiet our laws and noise ordinances, and it’s those laws that construction crews are struggling to work around as they bid for lucrative urban jobs. New Holland understands those construction customers’ needs, and its new C314X Electric mini track loader (announced at last month’s Agritechnica) is designed specifically for them.
“We launched the C314 two years ago, and it has become known for its excellent features,” says Francesca Asteggiano, Europe Construction Brands. “Today, we’re developing an electric version to meet growing demand for quieter, more compact machines — reinforcing our commitment to sustainability and innovation.”
C314X Electric
New Holland’s C314X Electric is designed and built in-house as the zero-emission evolution of the diesel-powered C314, and is powered by a 23.5 kWh li-ion battery that sends power to three electric motors — two drive motors and a single hydraulic motor for the boom.
The company says the new C314X has a rated operating capacity that matches the diesel unit at 460 kg (~1014 lbs.) and a hinge pin height of 2.2 m (~7.2 ft.).
Though still “just a prototype” at this point, CASE and New Holland products have a history of making it to production. If when it does, company reps say it will be available in two undercarriage configurations, a “narrow track” version 890 mm wide that can fit through garden gates and man doors, and wide track version 1026 mm wide for heavier duty outdoor and agricultural work.
The stand-on machine uses controls that will be familiar to any mini loader operator — especially those with experience behind the controls of the diesel C314 — and all the implements and attachments that work on the diesel version bolt up to the C314X Electric, making it ideal (the company says) for livestock and horticultural farmers, landscape contractors and residential construction operations, thanks to multiple compatible attachments to ensure full versatility to dig, load, drill, and more.
Stay tuned for pricing and availability, likely set to be announced during ConExpo 2026.
SOURCE | IMAGES: New Holland.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla allowing texting and driving on FSD v14, Trump killing CAFE’s MPG standard, an Aptera update, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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