White House expects OPEC+ oil production hike after Middle East trip
The White House, on Monday, said it anticipates major oil producers in the OPEC+ alliance to increase crude production following President Joe Biden's trip to the Middle East, Reuters reports
Erin
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"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 the 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 8 November 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 $139 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 3 August.
Source: Middle East Monitor under CC BY-NC-SA 4.0
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