News from Al-Madina On Friday night, US Vice President Joe Biden attributed the increase in gas prices to Saudi Arabia and Russia following the “OPEC Plus” agreement to cut oil production by two million barrels per day.
“I was able to cut gasoline costs by more than $1.60, but their prices began to progressively climb because of what the Russians and Saudis did, but I am not finished with it yet,” Biden said in a press release from Maryland, north of Washington.
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In light of the “OPEC Plus” decision (which includes OPEC and its allies to limit world oil output by around two million barrels per day), he stated that he is searching for alternatives.
The move, according to high-ranking officials in the Biden administration, was a sign that OPEC was “aligning itself” with Russia, which is waging war on Ukraine.
Following the Wednesday announcement of output restrictions, oil prices worldwide increased 10% this week.
The decision to reduce production is expected to take effect in November of next year.
By approving the release of around 10 million barrels from US strategic reserves, Biden hopes to lessen the impact of the decision on the US market.
The Biden administration is reportedly prepared to ease the sanctions placed on Venezuela so that Chevron Corp. can resume oil production there, according to a story in the Wall Street Journal.
According to persons with knowledge of the situation who spoke to the US daily, the move attempts to reopen US and European markets to Venezuelan oil shipments.
Anatolia.
Biden attributes the increase in gasoline prices on two nations.
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