Biden: Refusal of KSA, Russia to Increase Oil Output Would Be Wrong
US President Joe Biden said on Sunday that the refusal of Russia and Saudi Arabia to increase oil output is "not right".
US President Joe Biden did not reveal his plans if oil-producing nations, mainly Russia and Saudi Arabia, do not boost their output. He blamed the two for an inadequate response to the global energy crunch.
“I do think that the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not, is not, right,” Biden said Sunday at a news conference in Rome following the G20 leaders' Summit.
Asked how the US would respond to OPEC's inaction, Biden responded that he's reluctant to reveal what he is planning on doing before he actually has to do it.
US officials were using meetings with other countries' officials, held on the sidelines of the G20 summit, to press other major energy-consuming nations on action toward OPEC+, discussing possible actions if the organization does not act.
OPEC+ is scheduled to meet virtually on November 4th to review its policy.