A representative of the National Security Council at the White House stated that the US administration intends to interact with energy producers and consumers in order to influence the market, after a number of countries announced a reduction in oil production.
“We don’t think a [production] cut is desirable now, given the uncertainty in the market,” he was quoted as saying by Reuters.
The representative emphasized that the US authorities are “focusing on prices for American consumers” and noted that gasoline prices in the country have fallen significantly over the past year.
“We will continue to work with all producers and consumers to ensure that energy markets provide economic growth and lower prices for American consumers,” the Wall Street Journal quoted the council’s statement as saying.
On Sunday, several “OPEC +” countries announced a voluntary cut in oil production from May to late 2023, with a total reduction value that could reach more than 1.5 million barrels per day.
Saudi Arabia will reduce production by 500,000 barrels per day, Iraq by 211,000 barrels per day, the United Arab Emirates by 144,000 barrels per day, Kuwait by 128,000 barrels per day, Kazakhstan by 78,000 barrels per day, Algeria by 48,000 barrels per day, and Oman by 40. thousand barrels per day.
Russia will extend its current decision until the end of June to cut production by 500,000 per day until the end of 2023.
This article was originally published by RT.