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Biden "Disappointed" By "Shortsighted" OPEC+ Production Cut

ENERGY SECURITY

The White House has responded to an OPEC+ decision today to cut oil production by 2 million barrels per day.

  • White House: "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. [...] this decision will have the most negative impact on lower- and middle-income countries [...]"
  • The White House confirms that oil releases will continue from the Strategic Petroleum Reserve next month and "as appropriate to protect American consumers and promote energy security."
  • The White House has also directed Secretary of Energy Jennifer Granholm to "explore any additional responsible actions to continue increasing domestic production in the immediate term."
  • Statement also says the Biden Administration will consult with Congress on additional measures to reduce OPEC's control over energy prices.
  • The decision to extend releases from the SPR will be targeted by the GOP ahead of the midterm elections. Republicans argue that Democrat policy led to a dependence on crude imports and the White House has resorted to depleting the SPR to superficially suppress energy price rises.
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The White House has responded to an OPEC+ decision today to cut oil production by 2 million barrels per day.

  • White House: "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. [...] this decision will have the most negative impact on lower- and middle-income countries [...]"
  • The White House confirms that oil releases will continue from the Strategic Petroleum Reserve next month and "as appropriate to protect American consumers and promote energy security."
  • The White House has also directed Secretary of Energy Jennifer Granholm to "explore any additional responsible actions to continue increasing domestic production in the immediate term."
  • Statement also says the Biden Administration will consult with Congress on additional measures to reduce OPEC's control over energy prices.
  • The decision to extend releases from the SPR will be targeted by the GOP ahead of the midterm elections. Republicans argue that Democrat policy led to a dependence on crude imports and the White House has resorted to depleting the SPR to superficially suppress energy price rises.