US to call on OPEC+ to increase oil production

The White House will call on OPEC and its oil-producing allies to boost production to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from COVID, Report informs referring to CNBC.

Officials from the Biden Administration spoke with representatives from OPEC’s de facto leader Saudi Arabia this week, as well as with representatives from the UAE and other OPEC+ members.

The White House said the group’s July agreement to boost production by 400,000 barrels per day on a monthly basis beginning in August and stretching into 2022 is “simply not enough” during a “critical moment in the global recovery.”

“We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” National Security Advisor Jake Sullivan said. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”