US President Joe Biden has linked the rise in US fuel prices to the lack of supply of crude oil from OPEC and Saudi Arabia, while oil markets are seeing rising demand.
He pointed to the fierce negotiations in this area, and said that the production restrictions imposed by “OPEC” behind the increase in fuel prices in the US market.
Biden told CNN Thursday night: “There are a lot of talks, there are a lot of people in the Middle East, who want to talk to me, I’m not sure I can talk to them.” This is about fuel production. However, there are things we can do in the meantime. ”
“The timeline is expected to reduce fuel prices,” Biden said: “I think you see fuel prices falling over time, next year, in 2022. I do not see anything happening to fuel right now. Prices are falling sharply. ”
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The US president stressed that it would be “difficult” to reduce fuel prices. “There is a possibility that we can lower it,” he said: It depends a bit on Saudi Arabia and some other things in the near future.
OPEC Plus countries, which include oil-producing countries outside OPEC and beyond, have imposed restrictions on oil production since May 2020 due to the Corona virus crisis, and the group has reduced restrictions since August 2021. In terms of production, it increases by 400,000 barrels per day per month.