Biden’s subdued reaction to OPEC+ cuts foreshadows economic slowdown, carries risk – Reuters
- Date: 14-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Biden’s subdued reaction to OPEC+ cuts foreshadows economic slowdown, carries risk – Reuters
WASHINGTON, April 13 (Reuters) - When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug - a far cry from his declaration that there would be “consequences” for Saudi Arabia, the de facto head of the oil cartel, when it lowered output in October.
The tepid response reflects, in part, the Biden administration’s view that the production cut may not have as much of an impact on the slowing U.S. and global economy as last year's cuts, which came as oil supplies were still tight. Administration officials believe the U.S., the world's largest oil consumer and global economy have entered a more predictable, less volatile phase.
Last year, a rapid-fire COVID recovery that choked supply lines amid surging demand stoked inflation to 40-year highs.
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