Key crude oil producers have spare capacity and are likely to increase supplies following President Joe Biden's visit to the Middle East, Amos Hochstein, a senior State Department energy official, said Sunday..

Speaking on CBS's Face the Nation, Hochstein said, "

It's not just about Saudi Arabia, he said.. “We met with members of the Gulf Cooperation Council (GCC) and with Saudi Arabia. I will not delve into how much free capacity there is in Saudi Arabia, in the UAE, in Kuwait, etc.. But there is additional free capacity. There are opportunities to increase production,” he said..

Biden visited Saudi Arabia last Friday as part of his first trip to the Middle East as president, hoping to reach an agreement to increase oil production.. Then the President of the United States spoke at the summit of the Gulf Cooperation Council plus Egypt, Jordan and Iraq. The Council includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Later, the Saudi foreign minister said oil was not discussed at the U.S.-Arab summit on Saturday.. He said OPEC+ will continue to assess market conditions and do what is necessary. The next meeting of OPEC +, which also includes Russia, will be held on August 3.

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Oil prices soared to their highest level since 2008, climbing above $139 a barrel in March after the US and Europe imposed sanctions on Russia over its invasion of Ukraine. Prices then dropped to the psychological $100 mark..