Hochstein: Falling oil price not happening as result of US interference in market

Unlike in most countries, in the US nearly 4,000 companies operate in the energy sector, said Amos Hochstein, special envoy and coordinator for international energy affairs at the US Department of State.

“If the US president or I asked them to cut down on production for prices to go up, they won’t listen to us,” Hochstein told a press conference in Baku Dec. 15, APA reports.

He said the international energy market is seeing an increase in supply and prices are going down.  

“However, falling oil price is not sought by the US and it’s not happening because of our interference in the market. OPEC is the organization that influences price changes. OPEC members have agreed on reducing the production in order to achieve an increase in price,” he added.