White House NSC Kirby: OPEC Production Cuts Not Advisable

White House National Security Council spokesperson John Kirby has told reporters that the White House "made it clear to OPEC," that "they don't think OPEC production cuts were advisable, given market uncertainty."

• Kirby sought to downplay the damage the production cut has done to the US -Saudi relationship, saying: "We don't see eye to eye on everything with Saudi but we remain partners," and stressing Saudi Arabia is still a "strategic partner," with whom the US will continue to work to address "security challenges."
• Kirby said the US will "continue to work with producers, consumers to ensure growth, lower prices for consumers," adding, "we are focused on prices we are not focused on barrels."
• Unlike the previous OPEC production cut which led to a degradation of relations between the US and Saudi, Kirby said, "the US was given a heads up on the OPEC move."
• Kirby stated the administration has "every intention to rebuild the Strategic Petroleum Reserve." An unclear policy regarding the replenishment of the SPR has been identified by some analysists as contributing to market volatility.