Biden Focused on Controlling US Oil Prices after OPEC+ Output Increase

“That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting,” Eurasia Group’s Raad Alkadiri said of OPEC’s decision on Aug. 3 to raise oil output by 100,000 bbl/d.


President Joe Biden remains focused on keeping fuel prices down for Americans, the White House said on Aug. 3 after OPEC+ decided to raise oil output by a modest 100,000 bbl/d, which analysts called an insult after Biden visited Saudi Arabia last month.

“What we’re focused on is keeping those prices down,” White House press secretary Karine Jean-Pierre said at a news briefing when asked about the OPEC+ decision.

OPEC and allied producers including Russia, a group known as OPEC+, were set to raise output by 100,000 bbl/d from September. Two sources told Reuters the decision was effectively approved in a closed-door meeting.

Analysts said the increase was equal to only 86 seconds of global oil demand.

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