Opec+ decision fallout grows

Crude price gains will not be the only result of the cartel’s decision to cut production

US president Joe Biden is “disappointed” by Opec+’s “short-sighted decision” to cut production by 2mn bl/d compared with August levels from November. The White House statement cites the “continuing negative impact” of Russia’s invasion of Ukraine and suggests the effect will be most significant “on lower- and middle-income countries that are already reeling from elevated energy prices”. “The Biden administration will also consult with Congress on additional tools and authorities to reduce Opec’s control over energy prices,” the statement says. Lawmakers in Washington have long mooted anti-trust legislation against Opec, but the proposals have previously stalled. “The president will continue