US Believes OPEC Can Expand Oil Production, Expects More Steps Soon - State Energy Adviser

WASHINGTON (Pakistan Point News / Sputnik - 17th July, 2022) The United States believes that the OPEC countries have the opportunity to increase oil production and expects that they will take steps in this direction in the upcoming weeks, US Senior Adviser for Energy Security Amos Hochstein said on Sunday.

Hochstein accompanied US President Joe Biden on his trip to the middle East, which included a visit to Saudi Arabia and the participation in the summit of the Gulf Cooperation Council.

"Based on what we heard on the trip I'm pretty confident that we will see a few more steps in the upcoming weeks," Hochstein said on "Face the Nation" CBS show.

The senior adviser recalled that OPEC countries had previously promised to expand oil production in July and August by 50% compared to the originally planned increase in quotas.

"I believe there is still more room to see additional steps," he added.

According to Hochstein, the US authorities expect that there will be an increase in production of the private oil sectorby one million barrels per day in country by the end of the year. The government can then abandon the emergency supply intervention in the oil market, he added.