One of the president's energy advisors said Sunday that Persian Gulf oil producers will likely increase production in the weeks following President Joe Biden's trip to meet with Middle Eastern leaders.
US President Joe Biden was welcomed by Saudi Arabia's crown prince.
Amos Hochstein, a senior State Department energy security advisor, said on CBS' Face that he was confident that there would be a few more steps in the coming weeks for increased oil production in the region.
Last week, Biden said he believed Saudi Arabia would supply more oil after visiting the kingdom, although he did not receive confirmation, and Hochstein said Sunday there is room for increased production in some other Gulf countries.
The president and his advisors met with members of the Gulf Cooperation Council, but Hochstein didn't say which nations could increase oil exports.
Jake Sullivan said Friday that he expects more clarity about Saudi Arabia's intentions after the August 3 meeting of the Organization of the Petroleum Exporting Countries. In the last year, members of the group have increased their oil export targets.
Increased oil supply would help bring down gas prices in the U.S. According to Hochstein, the average price for a gallon of gasoline in the US is likely to fall further to around $4 a gallon. Some analysts think the price of both oil and gasoline will rebound later this year. According to the Washington Post, gas prices could go up again if there is more sanctions against Russia.
The meeting between Biden and the Saudi Crown Prince, who has been accused of human rights abuses, was a controversial one. According to the U.S. intelligence services, Saudi Arabia's crown prince ordered the killing of a critic. Washington Post publisher Fred Ryan called Biden and the crown prince's fist bumped over the weekend shameful and said it would help the crown prince get the redemption he has been looking for.
Analysts predict that oil prices will rebound later in the year.
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