Biden 'disappointed' with OPEC+'s 'shortsighted' output cut

U.S. President Joe Biden is calling on his administration and Congress to explore ways to boost U.S. energy production and reduce OPEC's control over energy prices after the cartel's "shortsighted" production cut, the White House said on Wednesday.

Biden will also continue to direct releases from the nation's Strategic Petroleum Reserve "as necessary," national security adviser Jake Sullivan and National Economic Council Director Brian Deese said in a statement.

Previously, the White House had committed to ending releases from the Strategic Petroleum Reserves in the coming weeks, but said on Wednesday it will continue to release them "as appropriate." Earlier this year, Biden ordered up to 180 million barrels released from the reserve.

OPEC+ at a Vienna meeting on Wednesday ignored pleas from the White House to keep oil flowing and agreed to cut output by 2 million barrels per day, its deepest cuts in production since the 2020 COVID pandemic.

"The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin's invasion of Ukraine," the statement said.