US Welcomes OPEC+ Move To Boost Oil Supply. Source: Eurasia Review

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US Welcomes OPEC+ Move To Boost Oil Supply

Arab News 0 Comments

By Arab News

  • The US welcomed the decision by OPEC+ nations to increase oil supplies, and recognized the role of Saudi Arabia “in achieving this consensus amongst the group members,” the White House’s press secretary said on Thursday.
  • “We recognize the role of Saudi Arabia as the chair of OPEC+ and its largest producer in achieving this consensus amongst the group members. We also recognize efforts and positive contributions of UAE, Kuwait, and Iraq,” Karine Jean-Pierre said.

The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August.

“We welcome the important decision from OPEC+ today to increase supply in July and August based on new market conditions. This announcement brings forward the monthly production increase that was previously planned to take place in September,” Jean-Pierre added.

She said the US will continue to use all tools at its disposal to address energy price pressures.

Rising crude prices have pushed gasoline to a record high in the country.

There are fears that elevated energy prices could slow the global economy as it emerges from the pandemic.

Arab News

Arab News is Saudi Arabia’s first English-language newspaper. It was founded in 1975 by Hisham and Mohammed Ali Hafiz. Today, it is one of 29 publications produced by Saudi Research & Publishing Company (SRPC), a subsidiary of Saudi Research & Marketing Group (SRMG).

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