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Biden Adviser Says OPEC+ Output Cut Was Mainly Political Move

  • Nobody can argue it had valid economic reason, Hochstein says
  • US administration derided Saudis’ market-based explanation
An employee walks past crude oil storage tanks at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia.

An employee walks past crude oil storage tanks at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia.

Photographer: Simon Dawson/Bloomberg

President Joe Biden’s top energy adviser said the oil output cut by Saudi Arabia and its allies was a largely political move that won’t deter the US administration from trying to curb domestic energy prices.

Amos Hochstein, who has been involved this year’s US oil diplomacy with Saudi Arabia, said the actual cuts under OPEC+ decision to lower output targets by 2 million barrels a day starting November would be only about a quarter of the headline number.