The White House will call on OPEC+ to increase oil production to curb prices

According to the agency, the U.S. considers increasing production by 400 thousand barrels per day monthly insufficient.

The U.S. administration will call on OPEC+ to increase oil production to combat rising prices. This was reported on Wednesday by CNBC, citing a statement from the White House.

It is noted that the staff of the administration of American President Joe Biden this week spoke with representatives of Saudi Arabia, the United Arab Emirates, and other countries. According to the White House, the decision on July 18 to increase production by 400 thousand barrels per day monthly is “simply not enough” during the “critical moment of the global recovery.”

“We are in contact with significant OPEC+ members about the importance of competitive markets in pricing,” said Biden’s national security aide Jake Sullivan. “Competitive energy markets will guarantee reliable and stable energy supplies, and OPEC+ should do more to promote recovery.”

The OPEC+ countries at the meeting on July 18 agreed to extend the agreement on reducing oil production until the end of 2022 and also decided to increase production by 400 thousand barrels per day monthly from August until the cuts are completely curtailed.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
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Ivan Maltsev

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