US officials speak to Saudi, UAE on OPEC talks, oil prices
Quantum Commodity Intelligence – US administration officials are "encouraged" by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said late Tuesday.
"We are closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 pandemic," Psaki told a press conference.
However, Psaki clarified, "we're not a party to these talks, but, over the weekend and into this week, we've had a number of high-level conversations with officials in Saudi Arabia, the UAE, and other relevant partners."
Gasoline prices have become a political issue in the US with motorists paying the highest summer prices in seven years, with national average retail prices comfortably above $3 per gallon and pushing $4/gallon in some States.
The White House Press Secretary further added; "We're encouraged by the ongoing talks by OPEC members in reaching an agreement - which will promote access to affordable and reliable energy. And certainly the impact on prices, hence our great interest."
US benchmark WTI crude oil prices soared to six-year highs of $76.98 following the breakdown of OPEC+ talks, but have since eased back by around 5% from the peaks amid volatile trading.
