On Wednesday, the Organization of the Petroleum Exporting Countries OPEC+, announced it would cut oil production by 2 million barrels less a day.
Following the announcement, the White House said it was “disappointed” in the OPEC+ (includes Russia) decision and called it “shortsighted”.
The move could spur a recovery in oil prices, which have fallen to $90 from $120 three months ago due to fear of a global economic slowdown.
If the production cuts results in higher oil prices it could potentially hurt the Biden Administration ahead of US mid-term elections.
Next month, the US Department of Energy will release 10 million barrels from the country’s strategic petroleum reserve to “protect American consumers and promote energy security”.
The West has accused Russia of weaponizing energy, creating a crisis in Europe that could trigger gas and power rationing this winter.
Moscow accuses the West of weaponizing the dollar and financial systems, such as SWIFT, in retaliation for the invasion of Ukraine in February.
