Senior Advisor for Energy Security Amos Hochstein said Wednesday on CNN that OPEC’s expected release of an additional 100,000 barrels a day won’t actually have an impact on prices at the pump for Americans.
Speaking on CNN’s Newsroom with Poppy Harlow and Jim Sciutto, Hochstein said while the news is welcomed, it won’t necessarily have much of an impact.
“Final question. OPEC has agreed to raise output slightly, 100,000 barrels a day, a fraction of the daily output. Does that significantly impact folks while it’s here at home?” Sciutto asked.
“Well, no, it doesn’t,” Hochstein said. “But it’s a step in the right direction. Look, when the – just before the president announced travel to Saudi Arabia, we – to meet with gulf leaders and Middle East leaders, there was an announcement of an increase of more significant increase of oil production by OPEC for July and August. We saw reports yesterday that for the month of July, Saudi Arabia increased their production quite significantly. And now this was supposed to be a zero increase, and we’re seeing some increases, not a lot.” (RELATED: Biden’s Plan To ‘Embarrass’ Saudi Arabia Into Getting Green-Pilled Totally Backfired)
“But our main focus is not about the numbers of barrels,” Hochstein continued. “Our main focus is on bringing prices down. That’s what we’re – the president keeps telling us, bring the prices down, do what you got to do. There I think that we’re in a decent shape, and we’re going to continue to work to bring it down lower.”
Hochstein said while the administration would have hoped to see more of an increase in production, the current increase is still an increase nonetheless.
President Joe Biden has repeatedly begged for a boost in oil production, asking OPEC in August of 2021 to increase production to combat rising gas prices. The crisis has only been exacerbated following Russia’s invasion into Ukraine.