US Envoy Confident Gulf Oil Producers Will Boost Production - Bloomberg
A US energy envoy said he is confident Gulf producers will increase oil output after President Joe Biden’s visit to Saudi Arabia, where he met with regional leaders.
“Based on what we heard on the trip, I’m pretty confident that we’ll see a few more steps in the coming weeks,” Amos Hochstein, the State Department’s senior adviser for energy security, said on CBS’s “Face the Nation” on Sunday.
Hochstein, who was part of Biden’s delegation on the visit, also cited Gulf oil producers Kuwait and the United Arab Emirates.
“It’s not just about Saudi,” he said. “There is additional spare capacity. There is room for increased production.”
Biden, under political pressure from the hottest US inflation in four decades including high gasoline prices, said during last week’s visit that he expects further oil supply increases by Saudi Arabia. Saudi officials stressed any decision to pump more would be made in the framework of OPEC+, which holds its next decision-making meeting on Aug. 3.
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