Biden Does Not Rule Out Venezuelan ‘Alternative’ to Address OPEC+ Oil Production Cut

WASHINGTON (Sputnik) - The United States is looking for alternative means to address energy supply concerns, including possibly through Venezuela, following a decision by the Organization of the Petroleum Exporting Countries Plus (OPEC+) group to slash oil production by 2 mln barrels a day starting in November, President Joe Biden said on Thursday.

"We’re looking at what alternatives we may have … There’s a lot of alternatives. We haven’t made up our minds yet," Biden said when asked about the OPEC+ decision and if Venezuela could be one of the mentioned alternatives.

At the same time, Director of the National Economic Council Brian Deese said that further releases from the US Strategic Petroleum Reserve remain on the table.

"The other measures are things that are on the table we continue to look at - the Strategic Petroleum Reserve is one of those," Deese said during a press briefing. "We are not announcing any steps on that front, but there are measures that we will continue to assess, as we go forward."

The Biden administration condemned the OPEC+ decision to cut oil production amid a looming winter energy crisis in Europe, calling the move "shortsighted." The White House also announced a 10 million barrel release from the US Strategic Petroleum Reserve in response to the decision.

Biden is also considering a loosening of sanctions on Venezuela to allow energy company Chevron to start pumping oil there, US media reported following the OPEC+ decision. The move could help raise global oil supply and lower energy prices to offset the negative market impacts of western sanctions on Russia.

On Wednesday, former President Donald Trump suggested the US boost its domestic energy production instead of "begging Venezuela" and other foreign countries for oil. Trump also urged the US to send energy to Europe this winter to offset the impacts of the looming energy crisis on the continent.