Amos Hochstein, Senior Advisor for Energy Security at the U.S. Department of State said that “most of this increase will go to exports and meet demand in the global market.”
The United States will increase oil production to meet domestic and global demand. This was stated on Monday by Amos Hochstein, Senior adviser to the U.S. Department of State for Energy Security, speaking on Monday in Dubai at the Global Energy Forum, which is organized with the participation of the Washington Atlantic Council. The broadcast is on the Council’s website.
“The U.S. is committed to increasing production and ensuring sufficient supply in the U.S. market and in the global market,” he said.
“I think that with the current oil prices and the events taking place in the world, there is no doubt that investments in the oil industry will increase and oil production volumes will increase,” Hochstein said. – We expect an increase in production by 900 thousand – 1 million barrels per day in the United States alone. And other countries around the world also intend to raise production volumes, for example, Canada announced that it will start producing more oil this year. We are doing everything possible so that the price increase does not hit the pockets of American, European and Asian consumers.”
According to the adviser, “most of this increase will go to export and meet demand in the global market.”
“We will also look at those countries where there are opportunities to increase production, and what it will take for them to do this,” he continued. “We are exploring such opportunities literally all over the world.
Hochstein reiterated the position of the administration of President Joe Biden: Europe should abandon Russian energy carriers. “It is absolutely clear that this war [in Ukraine] has completely changed the way we view Russian energy supplies to Europe, and that it is critically necessary to diversify them and move away from Russian supplies in the future,” he argued. – This is an extremely difficult task, but it must be done. I don’t think there are more than one or maybe two countries in Europe that don’t fully understand this.”