Biden Accuses Russia, Saudi Arabia Of Feeding Inflation By Reducing Oil Production

Biden Accuses Russia, Saudi Arabia of Feeding Inflation by Reducing Oil Production

US President Joe Biden on Friday accused Russia and Saudi Arabia of feeding inflation by reducing oil production by 2 million barrels per day beginning in November

WASHINGTON (UrduPoint News / Sputnik - 07th October, 2022) US President Joe Biden on Friday accused Russia and Saudi Arabia of feeding inflation by reducing oil production by 2 million barrels per day beginning in November.

"Every kitchen table cost is going to go up, not down, and I realized costs are going up on food and I was able to bring gasoline down well over $1.60. But this is inching up because of what the Russians and the Saudis just did," Biden said during a visit to the US state of Maryland.

On Wednesday, the OPEC+ group of countries agreed to cut oil production by 2 million barrels per day from the August production levels starting in November.

The White House immediately reacted by accusing OPEC of partnering up with Russia.

Earlier on Friday, OPEC Secretary General Haitham Al Ghais said the decision to cut production is not politically motivated and not related to the confrontation between some countries, but comes from assessments of high recession risks.