Advantage Putin: OPEC makes deep oil cuts, White House calls it “Aligning with Russia”

Oct 06, 2022

New Delhi, Oct 06 (ANI): The OPEC+ on Oct 05 agreed to slash output by 2 million barrels of oil per day. Saudi Arabia, and Russia will make the biggest individual reductions. Both countries will be lowering output by 526,000 monthly barrels each. The White House called the decision ‘shortsighted’ and alleged that OPEC+ aligning with Russia. The announcement of a cut in oil production came less than 3 months after President Biden visited Saudi Arabia. President Biden directed the release of 10 mn barrels of oil from the US Strategic Petroleum Reserve. Experts believe this will add to global inflation and also gives Putin a ‘political win’ over the West. They also believe higher oil prices will help aid Russia continue its aggression in Ukraine.