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US Official Comments on OPEC Cut to Reuters

OIL

Biden officials said the US was focused on prices not barrels in the wake of further cuts amongst OPEC announced this weekend.

  • "We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year," according to the official speaking with Reuters.
  • "As we have said, we believe supply should meet demand and we will continue to work with all producers and consumers to ensure energy markets support economic growth and lower prices for American consumers." he added.
  • There has still not been an official comment from the White House on the OPEC news, but it is likely to anger US officials who have urged the group to increases production to try and limit inflationary pressures.
  • Joe Biden headed to the Middle East last year to try and encourage Middle East producers to increase production while they instead decided to cut in a move showing the lack of sway the US has on OPEC politics.
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