White House says OPEC production cut ”anti-market”

WASHINGTON (Reuters) – The White House on Friday criticized OPEC’s move to cut its oil production by 1.5 million barrels per day as an anti-market decision.

“It has always been our view that the value of commodities, including oil, should be determined in open, competitive markets, and not by these kinds of anti-market production decisions,” White House spokesman Tony Fratto said.

The White House declined to speculate on what effect OPEC’s production cut would have on the U.S. economy, which accounts for about one out of every four barrels of oil consumed in the world each day.

Reuters