An OPEC+ memo outlining cuts shows that Saudi Arabia and Russia will make the biggest individual reductions of 19 countries doing so, lowering output by 526,000 monthly barrels apiece…reports Asian Lite News
The White House on Wednesday (local time) expressed disappointment over the announcement of a cut in oil production quotas by Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Criticizing the move by OPEC+ on cuts, the Biden administration said that it was a “shortsighted decision”. White House spokesperson Karine Jean-Pierre told reporters on Air Force One and it was “clear” OPEC+ was “aligning with Russia”.
“The president is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” the White House said in a statement from national security adviser Jake Sullivan and National Economic Council Director Brian Deese.
An OPEC+ memo outlining cuts shows that Saudi Arabia and Russia will make the biggest individual reductions of 19 countries doing so, lowering output by 526,000 monthly barrels apiece.
Shortly after the release of an OPEC+ press release detailing the output cuts, the White House said, “In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices.”
The White House warned that OPEC’s move would “have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices”.
The White House also said that President Biden has directed the Department of Energy to release another 10 million oil barrels from the country’s Strategic Petroleum Reserve next month, signaling the administration’s effort to keep gas prices low with a month until the crucial midterms. (ANI)