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US Confident of Gulf Producer Supply Boost

OIL

The US is confident the major Gulf producers have spare capacity and will boost supply after Biden’s trip to the Middle East Last week according to US envoy Amos Hochstein.

  • "Based on what we heard on the trip, I'm pretty confident that we'll see a few more steps in the coming weeks." Hochstein said on CBS Sunday.
  • "It's not just about Saudi...We met with the GCC, and with Saudi Arabia. I'm not going to go into how much spare capacity there is in Saudi Arabia and in UAE and Kuwait etc. But there is additional spare capacity. There is room for increased production," he said.
  • There have been no signs from Bidens meetings that Gulf producers have agreed to increase oil production as a result of talks with the US.
  • Saudis foreign minister said over the weekend that OPEC+ would continue to assess market conditions and do what is necessary.
  • Biden was pushed to make a trip to the Middle East last week as his administration has struggled to keep a cap on domestic fuel prices which have prompted demand destruction this summer driving season.
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