American delivery angry for OPEC+ oil production cut
The White House angrily pushed back at OPEC+ after the oil producer group announced its largest supply cut since 2020, lashing out at what President Joe Biden’s administration described as a ‘shortsighted’ decision.
Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted that Congress would soon seek to rein in the Middle East-dominated group’s influence over energy prices
OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. The move is designed to spur a recovery in crude prices, which had fallen to roughly $80 a barrel from more than $120 in early June.
International benchmark Brent crude futures traded at $93.55 a barrel during Thursday morning deals in London, up around 0.2%. U.S. West Texas Intermediate futures, meanwhile, stood at $87.81, almost 0.1% higher.
The U.S. had repeatedly called on the energy alliance, which includes Russia, to pump more to help the global economy and lower fuel prices ahead of midterm elections next month.
