WASHINGTON (Realist English). US President Joe Biden called the decision of OPEC+ to reduce oil production quotas “shortsighted” at a time when the world economy is facing the negative impact of the conflict on the territory of the former Ukraine, the White House press service reports.
According to the American leader, the OPEC+ decision will especially affect low- and middle-income countries that are already reeling from elevated energy prices.
The White House announced that at the President’s direction, the Department of Energy will deliver another 10 million barrels from the Strategic Petroleum Reserve (SPR) to the market next month:
“The President will continue to direct SPR releases as appropriate to protect American consumers and promote energy security”.
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.
On October 5, the committee of OPEC members and other oil countries, led by Russia, agreed to reduce oil production by 2 million barrels per day, despite Washington’s calls to increase production.
