White House calls OPEC action ‘’short sighted”

WASHINGTON (Reuters) – The White House on Wednesday called OPEC’s decision to cut production “short sighted” and said the oil cartel has an obligation to keep the market well supplied.

“It’s not clear that OPEC’s actions will be effective given the shift in global demand and the ability of OPEC members to meet the cartel’s targets,” White House spokesman Tony Fratto said.


“Regardless, OPEC has an obligation to keep the market well supplied and to consider the health of the global economy, so efforts to limit the benefits of lower energy prices are short sighted,” he said.

Reuters