US: NEC Director Brian Deese: WH Looking At Additional SPR Releases

Director of the National Economic Council Brian Deese taking questions alongside White House Press Secretary Karine Jean-Pierre aboard Air Force One, en route to New York.

• Livestream: https://www.whitehouse.gov/live/
• Deese says "OPEC decision [to cut production] is disappointing because lack of supply continues to be a problem" but, "the impact on production will be significantly lower than the headline they announced."
• Deese says WH "will have to see the impact on market" and "will continue to look at" additional releases from the Strategic Petroleum Reserve.
• Deese says White House is not yet ready to announce what steps it will take in response to OPEC's production cut.
• Deese: "Most serious oil market analysts say that one of the most significant drivers of blunting oil price increase is the President's decision to release 1mbp/d [from the SPR]."
• Deese says oil export ban remains on the table. A US export ban could have potentially damaging knock-on effect on European energy markets.
• If the OPEC production cut leads to a sustained increase in the price of oil in the short term it could be politically damaging for Democrats in midterm elections. White House seeking to frame the OPEC decision as out of step with markets and suggest that OPEC aligned with Russia.