Democrats responded angrily to the decision from OPEC, the dictator-led cartel, Wednesday to cut production while the White House moved forward with sanctions relief for Venezuela.
"There still is, in my view, an opportunity to persuade the Saudis that you're making a gigantic mistake here — and I hope the administration will be aggressive about it," Sen. Richard Blumenthal, D-Conn., told Politico."We have an opportunity and an obligation to use the leverage available. We have agency here. And we should use it."
The Organization of the Petroleum Exporting Countries and its Russian counterpart announced a massive production cut of 2 million barrels of oil per day on Wednesday. "Just in case you haven’t noticed, our policy of sanctioning and isolating Maduro hasn’t worked," Sen. Chris Murphy, D-Conn., tweeted Thursday."At some point when your policy isn’t getting results, it’s malpractice to not try something else."
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Exxon Mobil (XOM) retreats after Wednesday surge on OPEC+ uncertainty$XOM stock rallied 4% on OPEC+ supply cut. OPEC+ agreed to cut production by 2 million barrels per day. There is confusion about how the production cuts will be implemented. ExxonMobil stock is nearing a multi-month high by claymarkets stocks trading
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White House: All options are 'on the table' for countering OPEC+ cutsThe White House's National Economic Council Director Brian Deese said Thursday that the Biden administration is weighing options to extend drops in domestic gas prices, even in light of the recently announced daily production cuts by OPEC+.
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White House Races to Block Expected OPEC Production CutWith U.S. midterm elections just a month away, any increase to resulting from a production cut would be a political gift to Republicans.
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Biden 'disappointed' by OPEC+ production cut, White House saysPresident Joe Biden 'is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued...
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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. Follow
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White House 'disappointed' with OPEC+ decision to cut oil production, will release more from US reservesWhite House expresses disappointment following the announcement from OPEC+ that it would cut two million barrels per day from its production quotas beginning in November.
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