The Saudi-led OPEC+ cartel, which includes Russia, has agreed to cut output by 2 million barrels per day, its deepest cut in production since the 2020 COVID-19 pandemic.
The decision rebuffed U.S. President Joe Biden, who had urged OPEC+ not to cut production, a move that is likely to result in higher prices, which benefits Russia as it uses oil revenues to fund its ongoing full-scale invasion of Ukraine.
The White House responded by saying Biden was "disappointed by the shortsighted decision" at a time when the global economy is dealing with "the continued negative impact of [Russian President Vladimir] Putin's invasion of Ukraine."
The decision "will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices," national-security adviser Jake Sullivan and National Economic Council Director Brian Deese said in the joint statement.
Biden called on his administration and Congress to explore ways to boost U.S. energy production and reduce OPEC's control over energy prices.
The White House also said Biden was ordering another release of oil from the U.S. Strategic Petroleum Reserve in an attempt to reduce prices.
The next release will continue "as appropriate to protect American consumers and promote energy security, and (Biden) is directing the secretary of energy to explore any additional responsible actions to continue increasing domestic production in the immediate term," the White House statement said.
The White House also expressed concern that the production cut signaled closer cooperation between Saudi Arabia and Russia, which has used oil revenues to fund its war in Ukraine.
White House spokeswoman Karine Jean-Pierre said the announcement made clear that OPEC+ is aligning with Russia.
"Today's announcement is a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels," Jean-Pierre added.
Biden has been trying to lower fuel costs for Americans while simultaneously cutting the amount of revenue Russia receives from energy exports.
Average gasoline costs have fallen by more than $1 a gallon for U.S. consumers from highs earlier this year. Biden, a Democrat, had touted the drop as the U.S. heads into midterm elections in five weeks that could shift control of Congress to Republicans.