OPEC+ oil output increase is a step forward, White House says

OPEC+ members’ decision to raise oil output by 100,000 barrels per day is a step forward and the Biden administration will keep pushing to bring fuel prices down, a top White House energy adviser said on Wednesday.

“It’s a step in the right direction,” Amos Hochstein, U.S. President Joe Biden’s energy security envoy, told CNN in an interview.

OPEC and its allies led by Russia were set to raise output by 100,000 bpd from September. Two sources told Reuters the decision was effectively approved in a closed-door meeting.

Oil prices turned positive after the reported decision.

Asked whether the increase would have a significant impact on fuel costs for Americans, given that it represents just a fraction of daily output, Hochstein told CNN it would not.

“Our main focus is not about the numbers of barrels. Our main focus is on bringing prices down,” he said. “And there I think that we’re in decent shape, and we’re going to continue to work to bring it down lower.”