US President Joe Biden has blamed Saudi Arabia and Russia for rising natural gas prices after OPEC+ embarked on drastic production cuts. “The price is going up because of what the Russians and the Saudis just did,” Biden said during a speech in Maryland.
The president signaled that he was looking for alternatives after OPEC+’s decision to cut global oil production by about 2 million barrels per day. Global oil prices rose more than 10% this week following Wednesday’s announcement. The reduction is not expected to take effect until November, and Biden has tried to soften the impact of the decision on the US market by authorizing the release of about 10 million barrels from US strategic reserves. The Wall Street Journal reported that the Biden administration is preparing to ease sanctions against Venezuela to allow Chevron Corp. to resume pumping oil there. The move aims to reopen US and European markets for Venezuelan oil exports.