President Joe Biden calls the decision by OPEC+ to cut oil production a "disappointment," but says the White House is exploring "alternatives." Biden didn't expand on what the alternatives might include as he departed the White House for New York, saying only, "There's a lot of alternatives. We haven't made up our mind yet." The comments come as major oil producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. And the law of supply and demand suggests that can only mean one thing: higher prices are on the way for crude, and for the diesel fuel, gasoline and heating oil that are produced from oil. Asked by reporters if he now regrets his trip to Saudi Arabia earlier this year, Biden said he does not, because he said the trip wasn't about oil, "it was about the Middle East." Biden made the comments as he departed the White House for New York, where he will tour and IBM facility and deliver remarks on jobs.
Saudi Arabia says it will reduce how much oil it sends to the global economy. It's took a unilateral step Sunday to support the sagging cost of crude after two earlier cuts in supply by major producing countries in the OPEC+ alliance failed to push prices higher.
