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.
Saudi Arabian officials on Saturday stressed the need for more upstream investment to resolve oil market pressures, saying that the kingdom would add some oil production capacity but has limits.
Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials’ criticism of the oil industry over energy costs, saying reducing fuel prices will require “a change in approach” by the government.
U.S. to release 1 million barrels of oil per day over next 6 months – statement
President Joe Biden has issued a threat for the Nord Stream natural gas project if Russia were to invade Ukraine