A number of members of the Organization of the Petroleum Exporting Countries have increasingly rejected the call of President Joe Biden to boost oil production.
- Kuwait on Monday said the group would push through its plan to boost output gradually, as oil markets were reported to be well-balanced. This was mirrored by statements from Iraq, Algeria, Angola, and Nigeria.
- OPEC+ will meet on Thursday amid mounting pressures from oil consumers, given the hikes in prices to $85 a barrel, with American gasoline up to a seven-year high of $3.70 a gallon.
- Biden said the idea that Russia and Saudi Arabia and other major producers are not going to produce more oil to release more gasoline to the public “is not right.”
OPEC+ plans to boost daily production by 400,000 barrels per month is working well and there is no need to
Source: Bloomberg