President Biden told reporters on Thursday that the Organization of the Petroleum Exporting Countries’ (OPEC) decision to reduce oil production was not only disheartening, but also evidence of more serious issues at hand.
In answer to inquiries about the implications of the Saudi-led oil cartel’s move for Washington’s relations with Riyadh, Biden stated, “It is a disappointment. And it claims there are issues.
One day after OPEC declared it will reduce oil production by 2 million barrels per day, the president made his remarks.
Ministers from OPEC agree to reduce production by 2 million barrels per day.
The action will strengthen the economies of countries that produce oil, such as Saudi Arabia, Russia, and the UAE.
However, it also means that when storage levels drop, petrol prices will probably increase.
While claiming that the White House was searching for “alternatives,” Biden refused to say who the country would turn to in order to stop gas prices from rising, including if it would relax sanctions against Venezuela in order to increase output.
There are other options, he stated on Thursday. We are still debating our options.
Keep an eye on this story as it develops.