OPEC+ is 'aligning with Russia' by slashing oil production heavily: White House
Joe Biden speaking at 77th session of UNGA
In what can be the strongest accusation that has come after OPEC+ oil production cut, the White House on Wednesday (October 5) said that the Organisation of Oil Exporting Countries (OPEC+) grouping is "aligning with Russia". OPEC+ decided on Wednesday to cut oil production despite US pressure to increase the production. Theproduction cuthasthe potential to drive up fuel prices in Western nations who are already facing the heat.
"It's clear that OPEC+ is aligning with Russia with today's announcement," White House Press Secretary Karine Jean-Pierre said aboard Air Force One.
The White House has also said that US President Joe Biden was 'disappointed' bythedecision to cut production.
The Western bloc, led by the US, has been trying to isolate Russian economy, especially after Russia's invasion of Ukraine in February this year. Through sanctions, the US and the EU have tried to hurt Russia's income through its energy exports.
"Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden administration ahead of U.S. mid-term elections," Citi analysts said in a note, as quoted by Reuters.
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"There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a US antitrust bill against OPEC.
The OPEC+ decision has already started to show its effect. Benchmark Brent crude rose towards $93 per barrel on Wednesday, after climbing on Tuesday.
(With inputs from agencies)
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