US expects higher output from OPEC after Biden Middle East trip – Money Times

World’s leading manufacturers Petroleum There is overall idle capacity and supply is likely to increase after the President’s visit America, Joe Bidento do Middle Eastsaid the US energy envoy to the summit with Arab countries.

Speaking on the CBS show “Face the Nation”. Amos HochsteinSenior Advisor Department of State for Energy Security, said: “Based on what we’ve heard on the trip, I’m sure we’ll see some more steps in the coming weeks.”

Hochstein did not say which country or countries would increase production or by how much.

Biden visited Saudi Arabia On Friday, as part of his first trip as US president to the Middle East, he hopes to broker a deal on oil production to help lower oil prices. Petrol.

US gasoline prices hit 40-year high inflammation And dropped their ranking in opinion polls.

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“It’s not just about Saudi Arabia… we met GCC And with Saudi Arabia. I won’t look at how much idle capacity Saudi Arabia has United Arab States And Kuwait etc. but has additional passive capacity. There is an opportunity to increase the production,” he said.

If GCC Gulf Cooperation Council and include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Biden did not commit to an immediate increase in oil production or a regional security axis that included Israel at the Arab summit.

Hochstein also said he expects U.S. gasoline prices to fall toward $4 a gallon after surpassing $5 a gallon earlier this year for the first time in history.

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