OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

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OPEC+ agrees deep oil production cuts, Biden calls it shortsighted - Channel News Asia

Quick Summary:

VIENNA/LONDON: OPEC+ agreed steep oil production cuts on Wednesday (Oct 5), curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted.

Wednesday's production cuts of 2 million bpd are based on existing baseline figures, which means the cuts would be less deep because OPEC+ fell about 3.6 million barrels per day short of its output target in August.

"The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of (Russian President Vladimir) Putin’s invasion of Ukraine," the White House said.