The Biden administration told Saudi officials that it disagreed with OPEC’s surprise decision to cut oil production when it was given a ‘heads up’ on the move
Oil prices jumped over 6% on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russiaon Sunday further production target cuts of about 1.16 million barrels per day from May through the rest of the year.
“We don't think that production cuts are advisable at this moment, given market uncertainty. And we made that clear,” Kirby said. U.S. officials were notified about OPEC's plans to cut oil production before a Sunday announcement that surprised markets but they do not know why the decision was made, a White House official said.
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