Commodities

Top White House Aide Discussed Oil Prices with Saudi Arabia – Reuters

By Trevor Hunnicutt

WASHINGTON (Reuters) – A key aide to President Joe Biden addressed the issue of oil prices in discussions this week with Saudi Arabian leadership, as confirmed by the White House.

National security adviser Jake Sullivan met with Saudi Crown Prince Mohammed bin Salman recently to talk about the conflict in Yemen. White House press secretary Jen Psaki noted that oil prices were also a significant topic of discussion.

Another White House spokesperson stated, “The national security adviser and his team reiterated the importance of creating conditions to support global economic recovery during his meetings earlier this week.”

The Biden administration has previously communicated that these conditions involve increasing oil supply in the market to mitigate rising energy costs and aid in recovering from the COVID-19 pandemic.

“The United States remains in conversation with international partners, including OPEC, emphasizing the necessity of competitive markets in pricing and the need to support recovery efforts,” the spokesperson added.

The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are anticipated to maintain their agreement to increase output by 400,000 barrels per day for November during an upcoming meeting.

However, multiple sources indicated that the group, significantly influenced by Riyadh, is contemplating a possible increase in production as soon as November to address rising demand.

On Thursday, benchmark international oil prices reached $78.52 a barrel, nearing a three-year high, while the average gasoline price in the United States was about a dollar higher per gallon compared to last year.

Despite the administration’s focus on combating climate change, which is driven by fossil fuel consumption, the rising prices in various goods and services pose a risk to an economic recovery that has been a central focus for Biden’s presidency.

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