A White House official noted yesterday, Sunday, that President Joe Biden's administration is focusing on oil prices "not on barrels" after Saudi Arabia decided to implement a significant reduction in its crude oil production.
The unnamed official told Reuters: "We are focusing on prices for American consumers, not on barrels (of oil), and prices have dropped significantly since last year," adding, "We believe that supply should meet demand, and we will continue to work with all producers and consumers to ensure that energy markets support U.S. economic growth and lower prices for American consumers."
The Saudi Ministry of Energy had stated that the country's oil production will decrease to nine million barrels per day in July, down from about ten million barrels in May, marking the largest reduction in years in an effort to raise prices.
