The move of the OPEC and its allies to cut oil production is a “mistake” and a “short-sighted” decision that has favoured the Russians and the US is going to re-evaluate its ties with Saudi Arabia, the White House has said.
Members of the Organisation of the Petroleum Exporting Countries (OPEC) and their Russia-led allies earlier this month agreed on a major cut in oil production, amidst a downward trend in prices.
The 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna. It is the biggest cut since the height of the Covid-19 pandemic in 2020.
