The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for “alternatives.”
When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, “There’s a lot of alternatives. We are still debating our options.”
A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the remarks.
Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision.
However, it also implies that when storage levels drop, petrol prices will probably increase.
As per reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there.
However, the White House refuted these assertions on Thursday, stating that “there are no plans to change our sanctions policy without constructive steps from the Maduro regime.”
Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output.
(with inputs from agencies)