News
U.S. delivers angry rebuke of massive OPEC+ production cut — and it could backfire for Saudi Arabia
The White House angrily pushed back at OPEC+ after the oil producer group announced its largest supply cut since 2020, lashing out at what President Joe Biden’s administration described as a “shortsighted” decision that came despite U.S. pressure to pump more to help the global economy.
Related Knowledge Center: Energy security and pricing
State of Play
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.