OPEC+ Agrees to Cut 2 Million Barrels per Day... US Criticizes as "Short-Sighted Decision"

[Asia Economy New York=Special Correspondent Joselgina] The Organization of the Petroleum Exporting Countries Plus (OPEC+), a coalition of major oil-producing countries, has decided to cut crude oil production starting this November. U.S. President Joe Biden immediately criticized the move as a short-sighted decision.

On the 5th (local time), OPEC+ issued a statement right after its regular meeting held at the OPEC headquarters in Vienna, Austria, announcing an agreement to reduce production by 2 million barrels per day starting next month. This is the largest production cut since March 2020, when the COVID-19 pandemic first spread.

This production cut decision is interpreted as being driven by recent concerns over an economic recession and anxiety about falling oil prices. Major foreign media outlets also suggested that Saudi Arabia pushed for the large-scale cut to support Russia. This meeting was the first face-to-face gathering since the COVID-19 outbreak in 2020.

Some express concerns that OPEC+’s production cut decision could heighten tensions with the United States. With the U.S. midterm elections approaching in November, President Joe Biden, who is focusing on stabilizing inflation, could face negative consequences if oil prices fluctuate due to the oil-producing countries’ production cuts.

The White House issued a statement on the same day under the names of National Security Advisor Jake Sullivan and National Economic Council (NEC) Chair Brian Deese, saying, "The President is disappointed by OPEC+’s short-sighted production cut decision, which comes as the global economy is responding to the negative impacts caused by Putin’s invasion of Ukraine."

He added, "Maintaining international energy supply is the most important task at this time," expressing concern that "this decision will have the most negative impact on low- and middle-income countries suffering from high energy prices." President Biden has instructed the release of an additional 10 million barrels from the Strategic Petroleum Reserve in November and is also reviewing additional measures to increase domestic energy production in the short term.

Currently, the U.S. views the OPEC+ production cut decision as evidence of Saudi Arabia cooperating with Russia. White House spokesperson Karine Jean-Pierre also criticized during an in-flight briefing, stating, "Today’s announcement makes it clear that OPEC+ is cooperating with Russia."

This content was produced with the assistance of AI translation services.