(CNN) — Strategic Communications Coordinator at the US National Security Council, John Kirby, said on Monday that the oil price was “not significantly affected” by Saudi Arabia’s announcement of the decision to cut production.
Kirby added, during a press conference at the White House: “What we will continue to focus on is making sure that there is a balance between supply and demand,” and continued: “The price of oil has not been significantly affected by this announcement of these additional cuts.”
He stated, “The President (Joe Biden) will remain focused on what is best for the American people, what is best for our economy, and making sure that we take care of those needs, and let the Saudis talk about their decision to cut production.”
In an attempt to raise prices, Saudi Arabia pledged, on Sunday, to reduce its oil production by another million barrels per day, starting in July.
The move, which comes during the middle of the summer season, is part of the OPEC+ group’s effort to support plummeting prices.
Gasoline prices are lower than they were a year ago, in large part due to lower oil prices, after rising above $130 a barrel in March 2022, and Brent crude prices have almost halved.
Brent crude rose less than 1% Sunday evening, to around $77 a barrel.
The White House responded, on Sunday evening, to Saudi Arabia’s decision to reduce oil production by saying that US officials focus on prices for American consumers.
“As we’ve said, we believe supply should meet demand and we’ll continue to work with all producers and consumers to ensure that energy markets support economic growth and lower prices for American consumers,” the White House official told CNN.
2023-06-06 02:43:14
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