The White House on Wednesday denounced the organization of the Petroleum Exporting Countries (OPEC+) for “aligning with Russia” after the bloc announced it would cut oil production, contrary to President Joe Biden’s urging.
“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,” National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese said in a joint statement, per the Epoch Times.
OPEC+ declared on Wednesday that it would cut oil production by 2 million barrels per day, a move that has already sent global fuel prices soaring. The reduction came despite Biden’s prior efforts to secure a deal for the bloc to boost production.
The president travelled to Saudi Arabia in July hoping to convince the kingdom to boost production, both to combat surging oil prices and to undercut the economic lifelines for Russia as Moscow continues to wage war in Ukraine. Biden failed to secure any deal and energy prices surged higher following his departure.
Biden instead tapped the U.S. Strategic Petroleum Reserve, which has plunged to decades-low levels.
OPEC+’s decision has already sent energy prices soaring and American gasoline prices may not be far behind. The price has already risen by roughly 5 cents per gallon and some estimates have predicted it will increase by $0.15 to $0.30. The national average price currently stands at $3.83 per gallon.
The situation is likely to benefit Russia, which has kept its economy running largely due to continued energy production despite international sanctions on an array of its other goods.