Oil & Gas White House focused on oil prices after Opec+ move By Reuters June 5, 2023 Reuters/Andrew Kelly Oil supply should meet demand, said a White House official A White House official said on Sunday that the Biden administration is focused on oil prices and “not barrels” after Saudi Arabia planned to make a deep cut to its crude output. “We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year,” said the official, who declined to be named. “As we have said, we believe supply should meet demand and we will continue to work with all producers and consumers to ensure energy markets support economic growth and lower prices for American consumers.” Saudi’s energy ministry said the country’s output would drop to nine million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years, part of a bid to raise prices. In April, the Biden administration told Saudi Arabia officials that it disagreed with Opec surprise decision to cut oil production when it was given a “heads up” on the move, said John Kirby, coordinator for strategic communications at the National Security Council. “We were given a heads up,” John Kirby, coordinator for strategic communications at the National Security Council, told reporters.
