Atlanta, USA (CNN) — The White House responded Sunday evening to Saudi Arabia’s decision to cut oil production by saying that US officials are focusing on prices for American consumers.
In an effort to prop up prices, Saudi Arabia has pledged to cut its oil production by another 1 million barrels per day from July.
The move – which comes during the middle of the summer season – is part of the OPEC+ group’s effort to support plummeting prices.
“We are not part of OPEC +, the organization makes its own decisions,” the White House official told CNN in a statement, adding: “We focus on American consumers, not on the price of a barrel, and prices fell significantly last year.”
Gasoline prices are lower than they were a year ago, in large part due to lower oil prices, after surging 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.
“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.
OPEC+, which includes core OPEC countries such as Saudi Arabia as well as non-OPEC members led by Russia, also unexpectedly cut production in April.
2023-06-05 04:58:26
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