Amos Hochstein, senior White House energy security adviser, explained the impact of OPEC+’s decision to slightly increase oil production by 100,000 bpd.
“Well, no,” Hochstein said when CNN news anchor Jim Shioto asked if the move had a significant impact. resolution A modest 100,000 bpd increase in OPEC+ oil production following U.S. President Joe Biden’s visit to Saudi Arabia last month will not materially affect prices for Americans.”
But Amos Hochstein said on Wednesday that OPEC+ “has taken a step in the right direction” and added: “Our main focus is not on the number of barrels, but on reducing prices, that’s what the President (Biden) is telling us, and we will continue to work over its decline.
Asked if Biden was disappointed that the OPEC+-approved increase wasn’t happening anymore, Hochstein declined to comment.
He said: “We are focused on keeping prices low, we wanted to see some increase in production before announcing the flight, we saw a big increase in July and August, this is a smaller increase, but it is nevertheless, an increase, but I think we’re more bottom-line-driven and that lowers the price of oil in the market.”
He noted that Wednesday is the 50th consecutive day of low gasoline prices, noting that the average price is currently less than $4 a gallon for “most Americans.”
He stated: “It’s absolutely fantastic and it’s in line with some of the steps that we’ve taken to try and stabilize the oil and gasoline markets, bring those prices down, and I have to tell you that the president doesn’t feel overwhelmed. enough, so we’re going to keep working.”
Source: CNN