The Organization of Petroleum Exporting Countries, or “OPEC,” decided to reduce production quotas in light of the world economy still suffering from the consequences of the Ukraine conflict, and US President Joe Biden expressed his unhappiness in this decision.
President Biden emphasises that under these conditions, maintaining energy supplies is critical, noting that this decision will have the most detrimental effects on countries, according to a White House statement from National Security Advisor Jake Sullivan and Brian Dees, Director of the US National Economic Council. High energy prices are already a problem in low- and middle-income nations.
Biden has worked to lower costs both domestically and with international partners, according to Sullivan and Dees, who also noted that the Department of Energy will release another 10 million barrels of strategic petroleum reserves to the market next month on the president’s orders.
The two officials highlighted that Biden urged American energy firms to keep pumping prices down by bridging the historically wide gap between wholesale and retail fuel costs for consumers’ sake.
According to the statement, the Biden administration would speak with Congress over the instruments and authority that can lessen OPEC’s influence over energy prices.
He said that the statement made today shows how urgently the United States needs to lessen its reliance on foreign fuel sources and that the country is gearing up for the largest investment ever to hasten the transition to renewable energy and American-made technologies.
In response to OPEC’s decision to reduce output quotas, Biden expresses his displeasure.
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