Biden says US ‘looking at alternatives’ in wake of OPEC+’s decision to cut oil production

WASHINGTON

President Joe Biden said Thursday that the US is looking at alternatives one day after OPEC+’s decided to cut the bloc’s oil output.

“We are looking at alternatives. We haven’t made up our minds yet,” Biden told reporters ahead of his trip to New York.

Riyadh and Abu Dhabi threw their weight behind OPEC+’s decision to cut output by 2 million barrels per day starting in November. The decision is all but certain to raise US oil prices as Democrats head into November’s midterm elections with hopes on maintaining a hold on both chambers of Congress.

Disappointed by the decision, Biden said Wednesday the move would have negative effects on lower and middle-income nations.

The US Energy Department will deliver another 10 million barrels from the Strategic Petroleum Reserve to market next month, officials said in a statement.

The remarks also came after a Wall Street Journal report said the Biden administration is preparing to scale down sanctions on Venezuela to allow Chevron Corp. to resume pumping oil there.

The move intends to reopen US and European markets to oil exports from Venezuela, those familiar with the matter told the Journal.

When asked if he regretted his trip to Saudi Arabia, Biden said: “The trip was not essentially for oil. The trip was about the Middle East and about Israel and rationalization of positions. But it is a disappointment and says that there are problems.”

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