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10/5/2022, 5:12 PM (Source: TeleTrader)
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Biden says OPEC+ oil production cut was 'unnecessary'

United States President Joe Biden stated on Wednesday that the OPEC+ oil production cut was "unnecessary."

In a dramatic turn of events for the United States, OPEC on Wednesday ignored Biden's pleas and cut their production of oil by two million barrels per day (bdp). The decision was taken, according to the organization, "in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market."

Earlier, US National Security Council Strategic Communications Coordinator John Kirby insisted that the US needs to rely less on foreign oil producers and OPEC+.

Baha Breaking News (BBN) / JG