Biden frustrated with ‘short-sighted’ OPEC+ decision to cut oil production

The White House said that US President Joe Biden instructed to study the possibility of increasing oil production in the country. He also ordered that an additional 10 million barrels from the strategic oil reserve be released to the market in November in the short term. This is how he reacted to solution OPEC + to cut production by 2 million barrels per day (b / d).

As specified in the White House, the president was disappointed with the decision of the organization and called it short-sighted. “At a time when maintaining global energy supplies is paramount, this decision will have the most negative impact on low- and middle-income countries that are already suffering from higher energy prices,” the statement said. statement.

In the US and before spoke against a possible OPEC decision to cut production. The US authorities believe that this will cause a global increase in oil prices. As the newspaper reported Financial TimesRussia and Saudi Arabia insisted on reducing production.

Due to the lack of free capacity, OPEC+ increased its oil production forecast for September by only 100,000 bpd. The organization also lowered oil production forecast for October by 100,000 barrels per day, thus returning to the August parameters of the deal.

More details – in the material “Quotas were taken from the ceiling”.

Anastasia Larina