Officials: US leader 'disappointed' by OPEC+ verdict to redu...| MENAFN.COM

Friday, 09 December 2022 06:51 GMT

Officials: US leader 'disappointed' by OPEC+ verdict to reduce oil output


(MENAFN) US leader Joe Biden "is disappointed" by an OPEC+ verdict to reduce oil output which he stated would have bad impact on lower and middle-income countries, according to officials statements 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," as said by an announcement by National Security adviser Jake Sullivan and high financial adviser Brian Deese.

The verdict is going to have the highest harmful impact on lower- and middle-earnings nations that are winding from higher energy costs, it stated.

According to the statement: "The President’s work here at home, and with allies around the world, has helped to bring down U.S. gas prices: since the beginning of the summer, gas prices are down USD1.20 – and the most common price at gas stations today is USD3.29/gallon.”

Adding that "At the President’s direction, the Department of Energy will deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month, continuing the historic releases the President ordered in March."

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