White House: US Pres. Biden disappointed by shortsighted decision by OPEC+
|US President Joe Biden is disappointed by the OPEC+ group's 'shortsighted decision', the White House said on Wednesday, as reported by Reuters.
Following its 33rd Ministerial Meeting, OPEC+ announced that they will adjust downward the overall production by 2 million barrels per day starting November from the August-2022 required production levels.
Additional takeaways
"OPEC+ decision will have most negative impact on lower- and middle-income countries."
"Biden is directing Energy Secretary to explore additional responsible actions to increase domestic production."
"Biden is calling on US Energy companies to bring gasoline pump prices down."
"Biden administration will consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices."
Market reaction
Crude oil prices continue to push higher and the barrel of West Texas Intermediate was last seen rising 2.25% on the day at $88.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.