U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia

Washington The move of the OPEC and its allies to cut oil production is a “mistake” and a “short-si

The move of the OPEC and its allies to cut oil production is a “mistake” and a “short-sighted” decision that has favoured the Russians and the U.S. is going to re-evaluate its ties with Saudi Arabia, the White House has said.

Members of the Organisation of the Petroleum Exporting Countries (OPEC) and their Russia-led allies earlier this month agreed on a major cut in oil production, amidst a downward trend in prices.

The 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna. It is the biggest cut since the height of the COVID-19 pandemic in 2020.

“The decisions that OPEC+ made last week, we believe, sided with the Russians and were against the interests of the American people and the families around the world,” White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday.

“We believe that the decision is going to hurt and harm lower-income economies. It was misguided and it was a mistake and a short-sighted decision,” she said in response to a question.

The White House Press Secretary said President Joe Biden is going to re-evaluate his relationship with Saudi Arabia, a leading oil producer.

“This is something that he has talked about since the beginning of this administration. He wants to do it in a bipartisan way, which is the way it has been done for the last eight decades when we talk about our relationship with Saudi Arabia,” she said.