Biden 'disappointed' by OPEC+ decision to cut oil output for being 'unnecessary'

05/10/2022 Argaam
US President Joe Biden

US President Joe Biden

US President Joe Biden expressed his concern about the recent decision of the OPEC+ to reduce oil production as of next month.

 

"I need to see what the detail is," Biden told reporters as he left the White House for Florida, adding, "I am concerned, it is unnecessary."

 

Earlier today, OPEC+ agreed to reduce crude oil production by two million barrels per day (bpd), starting from next November, amid concerns about the uncertainty of prospects for the global economy.

 

In H1 2022, oil prices witnessed a sharp rise against the backdrop of the Russia-Ukraine crisis, although there was a noticeable decline in the past months amid concerns about a global economic stagnation.

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