Washington is talking with OPEC about its concerns.. Biden: Reducing oil prices will be difficult | Economie

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White House spokeswoman Jen Psaki said that there are limits to what any president can do with regard to gasoline prices, after President Joe Biden said that lowering oil prices would be difficult.

Psaki explained that Washington is talking with the Organization of Petroleum Exporting Countries (OPEC) about some of its concerns, and added that the National Security Adviser met with leaders in Saudi Arabia and raised the issue with them.

Biden had said that reducing oil prices would be difficult, but he did not rule it out, stressing that reducing oil prices depends to some extent on the measures that Saudi Arabia will take.

Biden added – in an interview with CNN – that there are a lot of people in the Middle East who want to talk to him, and that he is not sure that he will talk to them, and he added that it is about oil production, and that there are things that can be done in this regard. .

And about the timetable he expects for a drop in oil prices, Biden expressed his belief that these prices will decrease over time next year, and not at the present time, he said.

Oil prices rose to their highest level in 3 years yesterday, thanks to tight supplies and the global energy crisis.

During Friday’s session, oil prices fluctuated between ups and downs, and the markets were affected by the decline in demand for oil products in the power generation sector as a result of the decline in coal and gas prices.

Coal prices in China fell by 11%, after the government hinted that it might intervene to calm the market.

And Reuters news agency quoted analysts in the commodity markets that oil prices are witnessing some correction in the selling operations, with renewed fears of the Corona pandemic and expectations of a milder winter in the United States.

The price of Brent crude rose to about 84.6 dollars per barrel, and the price of West Texas crude reached about 82.8 dollars per barrel.

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