Read Also: Biden Rejects Request To Tag Russia A ‘Terrorist State’
Recent forecasts have also revealed that the supply cut will be hitting most countries who are “already reeling” from high prices while “the global economy is dealing with the continued negative impact” of Russia’s attack on Ukraine, the statement said.
The decision by OPEC+, which had come despite some of the reports of frantic lobbying from Washington has also put President Biden and his Democratic party in a bind by potentially kickstarting fuel price hikes just five weeks ahead of midterm elections where the Republicans hope to take control of Congress.
The statement said Biden was ordering another dip into the country’s Strategic Petroleum Reserve, with 10 million barrels set to be put on the market next month in an attempt to dampen prices rises.
In another related report, the Joe Biden administration yesterday reiterated its opposition to the plot to designate Russia as a state sponsor of terrorism, less than a few hours after US lawmakers introduced bipartisan legislature calling on the United States to do so.
State Department Spokesman Ned Price on Wednesday told a briefing that the administration was against the move, citing ‘unintended consequences,’ including potential humanitarian costs.
‘We are engaging with Congress on tools that would continue to have analogous implications for the Russian economy, for the Russian government, that would not have those unintended consequences,’ Price said.
He added: ‘We have to take into account the consequences, both the intended and the unintended. And that has led us to the approach we’ve taken here.’
Although Ukraine has heavily pushed for designating Russia as a state sponsor of terror, White House Spokeswoman Karine Jean-Pierre said last week that President Joe Biden had made a final decision against it.