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OPEC+ decision implications not as bad as can be thought of — Biden

On April 2, several OPEC+ participants announced a voluntary oil production cut from May until the end of 2023 to ensure stability of the global energy market

WASHINGTON, April 4. /TASS/. Implications of the decision of OPEC+ member-countries to reduce oil production are not as bad as some people can consider, US President Joe Biden said, cited by the White House press corps.

"It’s not going to be as bad as you think," Biden said, when requested for a comment on the OPEC+ decision.

On April 2, several OPEC+ participants announced a voluntary oil production cut from May until the end of 2023 to ensure stability of the global energy market. The voluntary reduction will stand at 1.66 mln barrels per day and will complement arrangements to lower oil production by 2 mln barrels daily effective since November 2022.