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Tuesday, August 16, 2022

Top US energy envoy expects OPEC producers to step up supplies

A senior US energy envoy said on Sunday that major crude oil producers have excess capacity and are likely to boost supplies after President Joe Biden’s visit to the Middle East.

Speaking on CBS’s “Face the Nation,” Amos Hochstein, the US State Department’s senior adviser for energy security, said: “Based on what we heard on the trip, I’m pretty confident we’ll see some more steps to come. Week.”

Hochstein did not specify which country or countries would increase production or by how much.

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“It’s not just about Saudi… we met with GCC and with Saudi Arabia. I won’t say how much excess capacity there is in Saudi Arabia and United Arab Emirates (UAE) and Kuwait etc. But additional There is excess capacity. There is scope for increase in production,” he said.

GCC stands for Gulf Cooperation Council and includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Biden visited Saudi Arabia on Friday as part of his first visit to the Middle East as US president, hoping to strike a deal on oil production to help drive down petrol prices. The more than 40-year rise in US petrol prices is driving inflation and lowering their ratings in opinion polls.

But they have not received a clear assurance of an increase in oil production.

Saudi Arabia’s foreign minister said oil was not discussed at the US-Arab summit on Saturday. He said OPEC+ will continue to assess market conditions and do what is necessary. The next meeting of OPEC+, which also includes Russia, will be on 3 August.

Oil prices rose to their highest level since 2008, climbing above $139 a barrel in March, after the US and Europe imposed sanctions on Russia over its invasion of Ukraine, which Moscow calls a “special military operation”. Prices have dropped since then.

Hochstein also said that he expects US gasoline prices to drop to $4 a gallon, after exceeding $5 a gallon earlier this year for the first time in history.

Read more:

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Oil prices rise after falling below $100 for the first time since April

Supply risk still remains in market despite high oil prices, warns IEA

World Nation News Desk
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