US President Joe Biden is disappointed by the OPEC+ alliance's "shortsighted decision" to cut oil production quotas amid current supply issues, National Security and Advisor Jake Sullivan and National Economic Council Director Brian Deese said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 05th October, 2022) US President Joe Biden is disappointed by the OPEC+ alliance's "shortsighted decision" to cut oil production quotas amid current supply issues, National Security and Advisor Jake Sullivan and National Economic Council Director Brian Deese said on Wednesday.
"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. At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices," the two officials said in a joint statement.
Earlier in the day, OPEC+ announced that the alliance agreed to cut oil production by 2 million barrels per day from November, and will take production levels agreed for August as a reference point.
