OPEC Decides to Substantially Cut Oil Production; White House Calls News a 'Disaster'

The Organization of the Petroleum Exporting Countries (OPEC) Ministerial Committee advised cartel nations on Wednesday to sharply cut oil production by two million barrels per day, which could lead to a price increase in the global oil market.

Significant reductions in production volumes are expected from Saudi Arabia and Russia. The decision has triggered a strong response from the United States. John Kirby, the Strategic Communications Coordinator for the National Security Council, stated that Washington needs to reduce its dependence on the organization.

CNN, citing its sources, reports that the White House has deemed OPEC's decision a 'disaster' and an unfriendly move. According to Reuters, the U.S. government had previously asked the organization not to cut oil production volumes, arguing that such a move would contradict the current demands of the global economy.