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Joe Biden vows 'consequences' for Saudis after OPEC cuts output

A file photo of an employee showing a sample of crude oil in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in 2019.

President Joe Biden said Tuesday there will be "consequences" for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis.

Biden suggested he would soon take action, as aides announced that the administration is reevaluating its relationship with the kingdom in light of the oil production cut that White House officials say will help another OPEC+ member, Russia, pad its coffers as it continues its nearly eight-month war in Ukraine.

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