US President Joe Biden’s chances of holding on to either house of Congress in the country’s midterm elections next month may have been dealt a blow when Opec+ announced plans to cut production by 2 million barrels per day on Wednesday.
Historically, it is difficult for an incumbent president’s political party to gain seats at the midterm elections, with only Democrat Bill Clinton in 1998 and Republican George Bush in 2002 managing this feat since Franklin Roosevelt’s first term in 1934.
