The United States has expressed disappointment at OPEC’s decision Saturday to cut oil output by one million barrels per day in an attempt to drive up prices, reported the BBC.online.
US Energy secretary Spencer Abraham said the decision underlined the need to step up American oil production.
During their meeting in Vienna, energy ministers announced their decision to cut the oil output which will come into effect from 1 April.
"OPEC's decision demonstrates the importance of increasing America's domestic production and developing a national energy policy that will ensure a stable, reliable, affordable and diverse energy supply," BBC quoted him as saying.
The 11-member grouping said that it would monitor the market closely, and would take "immediate" further action if necessary.
A reduction of one million barrels a day represents a 4 percent cut in OPEC output, said AFP. The cartel pumps 40 percent of the world's oil.
According to the news service the production cut comes despite warnings by analysts that a substantial reduction in oil supply could cause a world recession, with both industry and consumers suffering under higher prices.
Some oil ministers had demanded an even bigger cut, but OPEC countries were under huge political pressure not to go any further, said the news service – Albawaba.com
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