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FX.co ★ US expects OPEC+ oil production hike after Biden's Middle East trip

US expects OPEC+ oil production hike after Biden's Middle East trip

US expects OPEC+ oil production hike after Biden's Middle East trip

The hopes of Americans for an increase in oil output by Saudi Arabia seem to be coming true. The media have described US President Joe Biden's Middle East tour as a failed project until recently, but now news outlets are reporting his success.

Thus, The US administration anticipates major oil producers in the OPEC+ alliance to boost crude production following Biden's trip to Saudi Arabia. The good news was shared by White House Council of Economic Advisers member Jared Bernstein and Press Secretary Karine Jean-Pierre. "We will measure success in the next couple of weeks," the spokeswoman said at a press briefing. "We anticipate [it] to be an increase in production, but it's going to take the next couple of weeks, and that will be up to OPEC+," she added.

“We saw Saudi Arabia say that it would increase its capacity for all production, and I’d refer you to them for more information there,” Bernstein noted.

According to Biden's chief economic adviser, the White House welcomes Saudi Arabia and other OPEC+ states' decision to increase production by 50% above what was planned for July and August.

Notably, on July 16, US President Joe Biden met with an array of Arab leaders to discuss how to ensure adequate oil supplies to support global economic growth. “The Saudis share that urgency, and based on our discussions today I expect we'll see further steps in the coming weeks," Biden took stock of the negotiations.

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