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.

Reuters

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.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access