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 U.S. administration from trying to curb domestic energy prices.
Amos Hochstein, who has been involved this year’s U.S. oil diplomacy with Saudi Arabia, said the actual cuts under OPEC+ decision to lower output targets by 2 million barrels a day starting in November would be only about a quarter of the headline number.
“So the impact on the market is not going to be as significant,” he said on CBS’s “Face the Nation” on Sunday. “So this was more a of a big political statement that OPEC has made.”
