White House expects Opec+ oil production hike after Middle East trip

Opec , which includes both Saudi Arabia and Russia, meets next on August 3. — Reuters pic

Opec , which includes both Saudi Arabia and Russia, meets next on August 3. — Reuters pic

Tuesday, 19 Jul 2022 7:30 AM MYT

WASHINGTON, July 19 — The White House on said yesterday it anticipates major oil producers in the Opec+ alliance to increase crude production following President Joe Biden’s trip to the Middle East.

“We will measure success in the next couple of weeks,” said White House spokesperson Karine Jean-Pierre at a press briefing. “We anticipate [it] to be an increase in production, but it’s going to take the next couple of weeks, and that will be up to Opec+.” Biden travelled to Saudi Arabia last week where he met with that country’s leadership and other members of the Gulf Cooperation Council in the oil-rich Middle East.

The Biden administration has come under pressure to cut gas prices and other consumer costs ahead of the November 8 mid-term elections where his Democratic Party is seeking to retain control of Congress.

Oil prices rocketed to their highest levels since 2008, climbing above US$139 (RM618.97) a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine, which Moscow calls a “special military operation.” Prices have slipped since then.

Opec+, which includes both Saudi Arabia and Russia, meets next on August 3. — Reuters