US President Joe Biden linked the rise in fuel prices in the United States to a lack of crude supply from the “OPEC” countries and Saudi Arabia, and this comes at a time when oil markets are witnessing an increase in demand.
He considered that the production restrictions imposed by “OPEC” are behind the rise in fuel prices in the US market, pointing to the existence of intense negotiations on this issue.
“There are a lot of negotiations, there are a lot of people in the Middle East who want to talk to me, I’m not sure I’m going to talk to them,” Biden told CNN Thursday night. “But the point is, it’s about fuel production. However, There are things we can do in the meantime.”
And about the timeline he expects to lower fuel prices, Biden said: “I think you’ll start to see fuel prices go down over time, next year, in 2022. I don’t see anything going on right now, to bring fuel prices down dramatically.” .
The US President stressed that reducing fuel prices “will be difficult.” “There is a possibility that we will be able to lower it,” he said. “It depends a little bit on Saudi Arabia and some other things in the near future.”
The countries of the “OPEC +” group, which includes oil-producing countries from “OPEC” and outside, have imposed restrictions on oil production since May of 2020 in light of the Corona virus crisis, and since August 2021 the group has eased restrictions on production, as it works to increase production by 400 thousand barrels per day per month.