WASHINGTON—Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday.
Speaking on CBS’ “Face the Nation,” Amos Hochstein, senior U.S. State Department adviser for energy security, said: “Based on what we heard on the trip, I’m pretty confident that we’ll see a few more steps in the coming weeks.”
Hochstein did not say which country or countries would boost production or by how much.
“It’s not just about Saudi … We met with the GCC, and with Saudi Arabia. I’m not going to go into how much spare capacity there is in Saudi Arabia and in UAE (the United Arab Emirates) and Kuwait etc. But there is additional spare capacity. There is room for increased production,” he said….