White House energy adviser says there’s ‘room’ for OPEC to increase oil production
The White House’s senior energy security adviser said on Sunday there was room for OPEC, the global alliance of petroleum producers, to increase production.
Amos Hochstein told CBS’ “Face the Nation” that he was “pretty confident” in upcoming negotiations with the organization to increase global oil supplies.
“I’m not going to get into the amount of capacity available,” Hochstein said. “But there is additional spare capacity, there is room for increased production…I think there is even more room.”
On Sunday, President Biden returned from a trip to Saudi Arabia, the de facto leader of OPEC. Biden did not return with an immediate promise of increased oil production to help lower gas prices at home, but said he was optimistic talks in the coming weeks would yield results.
Biden’s meeting with Saudi Crown Prince Mohammed bin Salman was widely criticized after the president was seen punching the royal leader, who US intelligence says was involved in the 2018 murder of the US journalist and Saudi Jamal Khashoggi.
Some members of Biden’s own party have taken issue with her visit to the Kingdom, with Sen. Bernie Sanders (I-Vt.) concluding that she appeared to have rewarded a dictatorship.
Hochstein told CBS that Biden secured a commitment from Saudi Arabia to extend a ceasefire in Yemen.
The energy adviser also said he was confident domestic oil production would increase in the coming months as the White House’s release of a million barrels a day from a strategic reserve nears its end. end towards the end of the year.
“I expect the private sector in the United States to benefit from these increases, so we don’t need the urgency of the US government,” Hochstein said.