A decision by the Oil Producing Exporting Countries+ alliance of oil-exporting countries to sharply cut production and boost crude prices has dealt a blow to consuming nations.
The group announced in a statement this week the thirteen-nation OPEC group, plus 10 allies led by Moscow, agreed at a meeting in Vienna to slash output by two million barrels per day starting in November.
On Wednesday White House Press Secretary, Karine Jean-Pierre, told reporters the OPEC+ decision was “short-sighted” as the global economy was still languishing from “the continued negative impact of Russian President Vladimir Putin’s invasion of Ukraine”.
However, OPEC has denied that accusation.
The group’s secretary-general, Haitham al-Ghais, on Friday said, “This was not a decision from one country against another.”