June 26, 2022

Dubai Week

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The White House welcomes further oil pumping "OPEC Plus" projects

The White House welcomes further oil pumping “OPEC Plus” projects

The White House welcomed the decision to gradually increase oil production by OPEC and its allies, but said the United States had no plans to reconsider its decision to withdraw from crude stockpiles.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, (OPEC +), have already agreed to increase production by 400,000 barrels a day in January after discussing the cancellation of those plans.
“We appreciate the level of close integration with Saudi Arabia, the United Arab Emirates and other OPEC + manufacturers in recent weeks to help ease price pressures,” said White House spokeswoman Jen Zaki.
Biden executives have been in consultation with OPEC + members for weeks to increase oil production to reduce energy prices in the United States, where concerns about inflation have become a political issue for the Democratic president.
The U.S. administration plans to sell 32 million barrels of crude from four strategic oil reserves for distribution between late December and April 2022, pushing other countries to follow suit in an effort to reduce global prices.
“We welcome the decision to continue raising 400,000 barrels a day.
Asked if Washington could back down from its decision to withdraw from the reserves, Psaki said in a decisive tone, “We have no plans to reconsider the decision.”
(Reuters)

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