White House: US Pres. Biden disappointed by shortsighted decision by OPEC+

US President Joe Biden is disappointed by the OPEC+ group's 'shortsighted decision', the White House said on Wednesday, as reported by Reuters.

Following its 33rd Ministerial Meeting, OPEC+ announced that they will adjust downward the overall production by 2 million barrels per day starting November from the August-2022 required production levels. 

Additional takeaways

"OPEC+ decision will have most negative impact on lower- and middle-income countries."

"Biden is directing Energy Secretary to explore additional responsible actions to increase domestic production."

"Biden is calling on US Energy companies to bring gasoline pump prices down."

"Biden administration will consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices."

Market reaction

Crude oil prices continue to push higher and the barrel of West Texas Intermediate was last seen rising 2.25% on the day at $88.30.