• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours America Is Exceptional in Its Political Divide
  • 3 days Cummins showcases 15L fuel-agnostic engine platform; hydrogen, diesel, biogas 16 March 2023
  • 10 days Gazprom and Rosneft super result
  • 4 days *****5 STARS - "The Markets are Rigged" by The Corbett Report

Breaking News:

Time To Buy The Oil Dip: Goldman Sachs

UK Considers Easing Windfall Tax Pressure On Oil And Gas

UK Considers Easing Windfall Tax Pressure On Oil And Gas

The UK government is considering…

Oil Nosedives After SVB Collapse

Oil Nosedives After SVB Collapse

The rapid collapse of two…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Biden Advisor Sees OPEC+ Raising Oil Production

  • Biden advisor Hochstein expects OPEC+ to take a few more steps to boost supply.
  • Hochstein didn't elaborate on how much spare capacity OPEC+ producers have.
  • Biden returned from the Middle East this weekend without a firm pledge from OPEC+ producers to further boost production.

The United States believes that OPEC’s Middle Eastern producers have room to boost production and will take “a few more steps” to boost supply to the oil market soon, according to Amos Hochstein, the special presidential coordinator for international energy affairs.  

“Based on what we heard on the trip, I’m pretty confident we will see a few more steps in the coming weeks,” Hochstein said on CBS’s Face the Nation on Sunday, after U.S. President Joe Biden and his team returned from a trip to the Middle East, where the U.S. officials met with the leaders of the top producers in OPEC—Saudi Arabia, Iraq, the UAE, and Kuwait.

“There is additional spare capacity, there is room for increased production,” Hochstein told CBS, without elaborating how much spare capacity those producers have, if they are willing to use it, and when they might achieve a higher production level.

President Biden returned to Washington from the Middle Eastern trip without receiving a specific commitment from the top OPEC producers to boost oil supply to the market in the near term.  

President Biden commented on his meetings in Saudi Arabia, “We had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth. And that will begin shortly. And I’m doing all I can to increase the supply for the United States of America, which I expect to happen. The Saudis share that urgency, and based on our discussions today, I expect we’ll see further steps in the coming weeks.”

In his Sunday interview with CBS, Hochstein said that he expects the national average gasoline price to continue dropping from around $4.50 a gallon “more towards $4 and we already have many gas stations around the country that are below $4.”

As of July 17, the national average price of gasoline was $4.532 per gallon, down from $5.000 a month ago. Most of the decline over the past month has been due to falling crude oil prices amid recession fears and a decline in U.S. gasoline demand due to the high prices at the pump.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on July 18 2022 said:
    This is no more than Amos Hochstein, the special presidential coordinator for international energy affairs, consoling his boss for returning empty-handed from his visit to Saudi Arabia.

    It is becoming blatantly obvious that neither Saudi Arabia or UAE nor OPEC+ have a spare capacity. Therefore, the President’s energy advisor must be waiting for Saudi Arabia to raise its illusory spare capacity to 13.0 million barrels a day (mbd) by 2027. I assure him that he will be waiting in vain.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News