White House says top aide planned to discuss oil prices with Saudi Arabia


By Trevor Hunnicutt

WASHINGTON (Reuters) -A senior aide to President Joe Biden raised the issue of oil prices in conversations this week with the leadership of top crude producer Saudi Arabia, according to the White House.

Biden’s national security adviser, Jake Sullivan, met in Saudi Arabia with Saudi Crown Prince Mohammed bin Salman on Tuesday to discuss the war https://www.reuters.com/world/white-house-aide-discusses-yemen-with-saudi-crown-prince-2021-09-28 in Yemen. But White House press secretary Jen Psaki said oil was also “of concern” and on the agenda.

“The national security adviser and his team reiterated the imperative of creating conditions to support global economic recovery in his meetings earlier this week,” said another White House spokesperson on Thursday.

The Biden administration has previously said such conditions include having more oil on the market to stop rising energy prices and help the economic recovery from the COVID-19 pandemic.

“The United States continues to speak to international partners, including OPEC, on the importance of competitive markets in setting prices and doing more to support the recovery,” the spokesperson said.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, are expected https://www.reuters.com/business/energy/opec-seen-sticking-november-output-plans-despite-80-oil-2021-09-29 next week to hold to a pact to add 400,000 barrels per day to their output for November.

But four sources also told Reuters that the group, which is strongly influenced by Riyadh, is considering https://www.reuters.com/business/energy/opec-considers-options-releasing-more-oil-market-sources-2021-09-30 a scenario in which they could up production as soon as November to meet significant demand.

Benchmark international Brent oil prices traded https://www.reuters.com/business/energy/oil-falls-after-us-inventories-post-surprise-gain-2021-09-30 at $78.52 a barrel on Thursday, just shy of a three-year high, with average gasoline prices in the United States roughly a dollar higher per gallon than a year ago.

The push from the White House comes even as the administration has emphasized fighting the effects of climate change, which is caused by burning fossil fuels.

Yet rising prices on scores of goods and services have threatened to undermine an economic rebound that has been a primary focus of Biden’s presidency.

Read more at : https://www.investing.com/news/commodities-news/white-house-said-top-aide-planned-to-discuss-oil-prices-with-saudi-arabia-2631504


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