The US government assured this Monday that it will continue to do everything necessary to reduce energy prices, after the decision of the OPEC+ alliance to withdraw from the market the 100,000 barrels per day that I had decided to add a month ago.
“President (Joe) Biden is determined to continue taking all necessary steps to shore up energy supplies and lower energy prices,” the White House said in a statement.
The decision of OPEC +, an alliance led by Saudi Arabia and Russia and that brings together the Organization of Petroleum Exporting Countries (OPEC) and its allies, is the first reduction in supplies that it agrees to in more than a year and comes at a time of growing tensions in the energy market due to the Russian invasion of Ukraine.
The White House stressed that Biden “has made it clear that energy supply must meet demand to support economic growth and lower prices for American and global consumers.”
The Democratic administration recalled that the president has already taken measures such as “the historic release of oil from global and US strategic reserves.” or working together with allies to put a cap on the price of Russian oil to ensure that a global supply is maintained.
“U.S. oil production has increased by more than half a million barrels a day since the beginning of the year and by the end of the year it is on track to reach more than a million,” the note added, celebrating that this figure could mean a new production record in 2023.
The decision of OPEC +, endorsed in a teleconference by the ministers of the sector of the 23 countries that make up the group, annuls the increase in pumping that had been adopted for September a month ago, after a historic trip by Biden to Saudi Arabia to request a substantial increase in production.