White House strategic communications coordinator John Kirby said on June 5 that the United States is focusing on maintaining a balance in the oil market for the sake of the interests of the American economy after the decision of Saudi Arabia to cut production.
“We will continue to focus on balancing supply and demand <…> The President intends to focus on what is best for the American people and our economy,” he told reporters.
Washington will seek to meet these needs in its future actions, Kirby said.
The OPEC+ meeting at which the decision was made took place on June 4. As stated in the alliance’s communique, this step was taken to achieve and maintain stability in the oil market and create long-term predictability.
Artem Tuzov, director of the capital market department at IVA Partners Investment Company, told Izvestiya on June 4 that the market eventually received a signal that OPEC+ continues to hold back oil prices. According to him, it is beneficial to all members of OPEC+. He suggested that the price of oil would gradually stabilize and begin to recover towards $80 per barrel.
On June 5, Kremlin spokesman Dmitry Peskov stressed that the OPEC+ format remains important for ensuring stability in global energy markets.
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