The White House says that the administration of US President Joe Biden is focused on keeping oil prices low, after the members of the OPEC + alliance decided an additional increase in oil production of 100,000 barrels per day.
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The White House in the United States of America
The White House said today, Wednesday, that the administration of US President Joe Biden is focused on keeping oil prices low, after members of the OPEC + alliance decided to increase oil production by an additional 100,000 barrels per day, an amount that analysts said represented an “insult” after Biden’s visit to Saudi Arabia.
“What we’re focused on is keeping those prices low,” White House spokeswoman Karen-Jean-Pierre told reporters. “We wanted to see some increase in production before we announced the trip, and we actually saw that in the first week of June.”
After its session, today, Wednesday, the countries of the “OPEC +” alliance adopted an increase in oil production by 100 thousand barrels per daynext September.
And earlier, a document issued by the Joint Ministerial Monitoring Committee of “OPEC +” spoke that the committee recommends increasing production by 100,000 barrels per day, and the American newspaper “Financial Times” said, “Saudi Arabia is eager to increase production at the OPEC + meeting.”
The United States has pressured Saudi Arabia and the United Arab Emirates, the two leading members of OPEC, to pump more oil to help rein in prices, which were boosted by rebounding demand and Russia’s military operation in Ukraine.
US and Western sanctions on Russia have sent energy prices up, driving inflation to its highest levels in several decades, and prompting central banks to raise interest rates sharply.
(OPEC) has raised production, in line with its goals, by about 430,000 barrels and 650,000 barrels per day, in recent months, and has refused to switch to faster increases in production.
Sources in the group indicated the lack of additional production capacity among the members to add more production, as well as the need for more cooperation with Russia within the framework of the broader (OPEC +) group.
It is noteworthy that Brent crude futures declined by more than a dollar, today, Wednesday, to be trading directly above the price of $ 99 a barrel.