Official says White House focused on oil prices

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The US President Joe Biden’s administration is focused on oil prices and "not barrels" after the OPEC+ decision yesterday, June 4, Reuters reported, citing an official.

 

"We believe supply should meet demand, and we will continue to work with all producers and consumers to ensure energy markets support economic growth and lower prices for American consumers,” the official was quoted as saying today, June 5.

 

Yesterday, OPEC+ agreed to reduce overall production targets starting January 2024 by a further 1.4 million barrels per day (bpd). Saudi Arabia also announced a one million-bpd oil output cut for a month as of July.

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