Overseas crude oil producers have spare capacity and are likely to boost supplies, a senior White House energy expert said Sunday.
In an interview on CBS News’ “Face The Nation,” Amos Hochstein, the special presidential coordinator for international energy affairs, said he was buoyed by President Joe Biden’s Mideast trip.
“Based on what we heard, on the trip, I’m pretty confident that we’ll see a few more steps in the coming weeks,” he said.
“It’s not just about Saudi,” he added. “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 (the United Arab Emirates) and Kuwait. But there is additional spare capacity, there is room for increased production.”
“As we’ve told producers in the United States, we’ve had conversations over the last several months and weeks, with OPEC,” he continued. “And I believe that there is still more room to-to see additional steps.”
GCC stands for Gulf Cooperation Council and includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
Hochstein said he also expects to see U.S. gasoline prices to fall further towards $4 a…