The United States believes supply should meet demand and will work with all oil producers to ensure energy markets support economic growth, US State Department Deputy Spokesperson Vedant Patel said on Monday
WASHINGTON (Pakistan Point News / Sputnik - 05th June, 2023) The United States believes supply should meet demand and will work with all oil producers to ensure energy markets support economic growth, US State Department Deputy Spokesperson Vedant Patel said on Monday.
On Sunday, OPEC+ agreed to extend the oil deal through 2024, as well as reduce the alliance's total output level by 1.4 million barrels per day starting next year.
"We believe that 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 families," Patel said during a press briefing when asked about the OPEC+ decision on further production cuts.
Saudi Arabia, Russia and several other oil producers from the 10-nation OPEC and its non-member partners announced in April that they would voluntarily take a total 1.16 million barrels of crude oil per day off the market from May-December 2023 in a bid to prop up prices.
OPEC+ will adjust their cumulative production to 40.46 million barrels per day over January-December 2024. Russia said it would extend its voluntary production cut of 500,000 barrels per day until the end of 2024, while Saudi Arabia said it would make an extra 1 million cut to its daily production from July, on top of a 500,000 cut that was likewise extended through December 2024.
