https://sputnikglobe.com/20230605/state-dept-in-light-of-further-opec-cuts-says-believes-supply-should-meet-demand-1110933364.html
State Dept. in Light of Further OPEC+ Cuts Says Believes Supply Should Meet Demand
State Dept. in Light of Further OPEC+ Cuts Says Believes Supply Should Meet Demand
Sputnik International
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.
2023-06-05T19:10+0000
2023-06-05T19:10+0000
2023-06-05T19:10+0000
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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. White House National Security Council spokesperson John Kirby in turn said that the US did not get any notification prior to Riyadh's announcement on its oil production cut, but there would be no need for that as it is a move by a sovereign country."I know of no advance notice, nor would there need to be. I mean ... you know, that was a unilateral decision by a sovereign state. So I'll let them speak to that," Kirby said at a press briefing.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.
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us. oil demand, oil production, oil prices, oil production cut, opec, opec+ decision, saudi arabia
us. oil demand, oil production, oil prices, oil production cut, opec, opec+ decision, saudi arabia
State Dept. in Light of Further OPEC+ Cuts Says Believes Supply Should Meet Demand
WASHINGTON (Sputnik) - 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.
White House National Security Council spokesperson John Kirby in turn said that the US did not get any notification prior to Riyadh's announcement on its
oil production cut, but there would be no need for that as it is a move by a sovereign country.
"I know of no advance notice, nor would there need to be. I mean ... you know, that was a unilateral decision by a sovereign state. So I'll let them speak to that," Kirby said at a press briefing.
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.
