The White House on Thursday praised an announcement by OPEC+ that it would increase the oil supply later this summer, recognizing Saudi Arabia in particular as the group’s largest producer and leader.
President Joe Biden has been dogged by high gas prices dating back to last year, which has helped sink his approval ratings even as he has tapped the strategic petroleum reserve and made efforts to boost production.
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“The United States welcomes the important decision from OPEC+ today to increase supply by more than 200,000 barrels per day in July and August based on new market conditions,” White House press secretary Karine Jean-Pierre said in a statement. “This announcement accelerates the end of the current quota arrangement that has been in place since July of last year and brings forward the monthly production increase that was previously planned to take place in September.”
OPEC and its allies have agreed to boost output by nearly 650,000 barrels a day in July and August, up from a previously planned increase of about 400,000 barrels a day. The move comes just days after the European Union announced a plan to ban imports of Russian oil, which sent crude prices up, and will bring some relief to drivers and to the president starting next month.
Saudi Arabia, which has a frosty relationship with Biden and the U.S., was singled out in the statement for its role.
“We recognize the role of Saudi Arabia as the chair of OPEC+ and its largest producer in achieving this consensus amongst the group members,” said Jean-Pierre. “We also recognize efforts and positive contributions of UAE, Kuwait, and Iraq. The United States will continue to use all tools at our disposal to address energy prices pressures.”
The Saudi Foreign Ministry had said in March that the country “will not bear any responsibility for any shortage in oil supplies to global markets.” The Biden administration has repeatedly petitioned Riyadh to surge oil production to protect the global supply, especially in the wake of Russia’s war in Ukraine.
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Average gas prices in the U.S. range from $4.19 a gallon in Georgia to $6.19 a gallon in California, according to GasBuddy.
