President Biden said Thursday that he had a “disappointed” reaction after OPEC+ decided to cut oil production. Biden said the United States was looking at “alternatives” and that “we are not done yet.”
President Biden told reporters on Thursday that the decision by the Organization of the Petroleum Exporting Countries (OPEC+) reduce oil production The management was left looking for “alternatives”.
“There are a lot of alternatives,” he told reporters in response to whether the United States would consider resorting to oil-rich Venezuela. “We haven’t made up our minds yet.”
The president’s comments come a day after OPEC+ announced that it would cut oil production by 2 million barrels per day.
President Biden boards Air Force One at Andrews Air Force Base, Maryland, Thursday, October 6, 2022, to fly to Poughkeepsie, New York. (AP Photo/Andrew Harnik/AP Newsroom)
OPEC + ministers agree to cut production by 2 million barrels per day
This move will provide an economic boost to oil-producing countries such as Saudi Arabia, Russia and the United Arab Emirates.
But it also means that gas prices are likely to rise as inventory levels fall.
Wednesday Night Reports He noted that the Biden administration was looking to ease sanctions on Venezuela in order to allow US oil companies to resume pumping there.
But the White House dismissed the allegations on Thursday, saying, “There are no plans to change our sanctions policy without constructive steps from the Maduro regime.”
A spokesperson for the National Security Council told Fox News: “Our sanctions policy on Venezuela has not changed. We will continue to implement and enforce our sanctions against Venezuela.”
A person walks past a gas station of the state oil company PDVSA, in Caracas, Venezuela, on March 16, 2022. (Reuters/Gabi Ora/Reuters Photo)
Oil and gas prices rose ahead of the main OPEC + meeting
“As we have previously made clear, we will review our sanctions policies in response to the constructive steps taken by the Maduro regime to restore democracy in Venezuela and alleviate the suffering of the Venezuelan people,” the spokesperson added.
The president has been very silent about whom the United States will turn to for help Avoid skyrocketing prices At the pump, however, he noted that there are other implications for the OPEC+ decision.
“It’s disappointing,” Biden said after questions about what the Saudi-led oil cartel’s decision meant for Washington’s relationship with Riyadh.
FILE PHOTO: A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration, April 14, 2020. (Reuters/Dado Rovich/file photo/Reuters Photo)
Click here for the FOX Business App
“She says there are problems,” he added.
The Biden administration has reportedly taken steps to encourage the Saudi government not to cut oil production as inflation remains high globally ahead of Wednesday’s decision.
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”