The US administration wants oil production to rise, including in the Organization of the Petroleum Exporting Countries (OPEC), the US diplomat’s top energy official said Monday.

“As the world economy recovers” from the novel coronavirus pandemic, “consumption (including oil) will rise,” explained US Under Secretary of State for the Economy, Energy and Environment Jose Fernandez, speaking to AFP on the sidelines of an energy conference in Houston. state of Texas.

Therefore, “we would like supply to match demand,” Mr. Fernandes added.

“We would like to increase production” of oil on a global scale, including OPEC +, that is, OPEC and allied countries with it, the official insisted.

In early October, OPEC+ decided to cut production by 2 million barrels per day and has not changed its level since then.

The price of a barrel of West Texas Intermediate (WTI), the benchmark US grade, is currently trading at about a third of the price it reached a year ago, days after Russia’s invasion of Ukraine began. But it is higher by more than 40% compared to 2019 at the same time and by almost 30% compared to 2018.

Between September 2021 and early January 2023, the administration of President Joe Biden removed almost 250 million barrels from US strategic reserves (SPR) and put them on the market to reduce prices.

The head of the American state has repeatedly called for an increase in OPEC + production, but the organization has not increased its quotas for six months.

In February, crude oil production in the cartel’s member states was about two million barrels lower than in February 2019, according to Reuters news agency.

OPEC forecasts an increase in demand by 2.32 million barrels per day until 2023 compared to last year.

Source: RES-IPE