The United States said Monday that oil production must be kept up to bolster global economic growth after the OPEC+ cartel agreed to cut supply to lift falling prices.
President Joe Biden “has been clear that energy supply should meet demand to support economic growth and lower prices for American consumers and consumers around the world,” White House Press Secretary Karine Jean-Pierre said in a statement.
The United States had pressed OPEC+ to increase output to bring down energy prices that have fueled decades-high inflation.
And, in a bid to curb Moscow’s funding of its war in Ukraine, the G7 group of industrialized powers agreed Friday to move towards capping the price of Russian oil.
“The president has taken action — including historic release of oil from US and global strategic reserves and working with allies on a price cap on Russian oil to ensure we maintain a global supply of oil, even as we punish (President Vladimir) Putin for his action,” Jean-Pierre said.