Biden looks at ‘alternatives’ after OPEC ‘disappointment’, doesn’t rule out easing Venezuela sanctions

President Biden told reporters on Thursday about the Organization of the Petroleum Exporting Countries (OPEC+) decision. Reduces oil production He left the administration looking for a “replacement”.

“There are a lot of alternatives,” he told reporters, adding that the U.S. would consider turning to oil-rich Venezuela. “We haven’t decided yet.”

The president’s comments came a day after OPEC+ announced it would cut oil production by 2 million barrels a day.

President Biden boards Air Force One at Andrews Air Force Base, Md., on Thursday, Oct. 6, 2022, for Poughkeepsie, N.Y. (AP Photo/Andrew Hornick / AP Newsroom)

OPEC+ ministers agreed to cut production by 2 million barrels per day

The move would provide an economic boost to oil-producing countries such as Saudi Arabia, Russia and the United Arab Emirates.

But gas prices will rise as stock levels decrease.

Wednesday night reports The Biden administration is looking to ease sanctions on Venezuela to allow U.S. oil companies to resume pumping.

But the White House rejected the claims on Thursday, saying it had “no plans to change our sanctions policy without constructive steps from the Maduro regime.”

“Our sanctions policy on Venezuela remains unchanged. We will continue to implement and implement sanctions against Venezuela,” a National Security Council spokesperson told Fox News.

Venezuela PDVSA

A man walks past a gas station of state oil company PDVSA in Caracas, Venezuela on March 16, 2022. (REUTERS/Gaby Oraa/Reuters Photos)

Oil, gas prices hiked ahead of key OPEC+ meeting

“As we have previously made clear, we will review our sanctions policies in response to the Maduro regime’s constructive steps to restore democracy in Venezuela and alleviate the suffering of the Venezuelan people,” the spokesperson added.

The president was tight-lipped about who the US would help Prevent skyrocketing prices At the pump but noted that the OPEC+ decision has other implications.

“It’s a disappointment,” Biden said after questions about what the Saudi-led oil cartel’s decision meant for Washington’s relationship with Riyadh.

OPEC logo

FILE PHOTO: A 3D-printed oil pump jack sits in front of the OPEC logo in this April 14, 2020, illustration. (REUTERS/Dado Ruvic/File Photo/Reuters Photos)

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“It says there are problems,” he added.

Earlier Wednesday, the Biden administration reportedly moved to encourage the Saudi government not to cut oil production because of high global inflation.

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