White House expects OPEC+ oil production hike after Biden’s Middle East trip
Following President Joe Biden’s visit to the Middle East, the White House stated on Monday that it expects major oil producers in the OPEC+ coalition to raise their crude production.
During a news briefing, White House spokesman Karine Jean-Pierre stated, “We will judge progress in the following several weeks.” “We anticipate [it] to be an increase in output, but it will take the following several weeks, and that will be up to OPEC+,” the statement reads.
Amos Hochstein, the US energy security adviser, reiterated that the US believes OPEC nations can raise oil output and anticipates them to do so in the upcoming weeks.
Hochstein traveled with US President Joe Biden on his Middle East trip, which included a stop in Saudi Arabia and attendance at the meeting of the (GCC) Gulf Cooperation Council.
In an interview with CBS, Hochstein stated, “Based on what I heard on the trip, I’m quite certain we’ll see a couple more leaps in the coming weeks.”
There is room to enhance output, and there is more capacity.
He emphasized that the “OPEC” nations had already pledged to boost oil output by 50% in July and August.
He claims that by the end of the year, the US government also plans to expand domestic output by one million barrels per day. Hochstein remarked that from $120 per barrel, global oil prices started to fall to roughly $100.