The White House is in Contact with “OPEC” About Oil Prices

Hülya Karahan

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The White House is in contact with “OPEC” about oil prices, after Brent crude oil prices jumped, exceeding the level of $89 a barrel.

The White House is in contact with “OPEC” about oil prices
Washington: White House spokeswoman Jen Psaki announced the continuation of contacts with the countries of the “OPEC” on oil prices, and the discussion of all available ways to address the cost of crude.

Psaki’s comments came after the price of Brent crude exceeded $80 a barrel for the first time in nearly three years.
She stressed that Washington continues to work with international partners, including “OPEC”, on the importance of competitive markets and pricing, in addition to efforts to support economic recovery.

She indicated that the United States is working on all fronts to reduce oil prices, adding: “I assure you that we are not only interacting with OPEC, but we are studying all possibilities to reduce the cost of oil.”

The OPEC alliance will hold a meeting on October 4, to discuss developments in the global energy market, amid expectations that the policy of easing production restrictions will continue.

The global demand for crude oil rose in conjunction with the recovery of the world’s economies, in a different way, from the consequences of the Corona pandemic and its variables, and the return of factory and production activities towards their natural capacity.

The rise in oil prices comes after many countries on the European continent turned to oil as an energy source, amid a sharp rise in natural gas prices, due to the inability of supplies to meet the increasing demand, according to Saudi energy expert Ayed Al Suwaidan.

: This is due to many reasons, the most important of which is

  • White heavy check mark US commercial inventories drop to 414 million It is less than the five-year average at an average of 8%.

  • White heavy check mark The scarcity of Russian gas supplies to European countries, which prompted them to resort to fuel oil instead of gas.
  • White heavy check mark Declining oil supplies from countries such as Nigeria, Angola and Kazakhstan.

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The White House is in contact with “OPEC” about oil prices, after Brent crude oil prices jumped, exceeding the level of $89 a barrel.

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