OPEC Rejects Biden’s Plea To Boost Oil Output

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The Organization of the Petroleum Exporting Countries and Russia rejected a plea by Joe Biden to increase oil production by maintaining their comfortability with current prices. OPEC officials told reporters on Monday, there was “no need” to put out more oil to the market at this point. OPEC+ added the latest decision to boost product by 400,000 barrels per day would remain intact, despite Biden’s call for a bigger increase. Last week, Biden begged both OPEC and Russia to help reduce energy prices and inflation by boosting oil output. However, OPEC+ said International Energy Agency data did not support Biden’s calls for more oil. “As the OPEC+ group has said in many of their meetings, they’re meeting on a monthly basis so they have the opportunity to continue, to halt, or to even reverse the cuts as required by the market,” Oil Market Division Head Troil Bosoni of IEA explained. “So for now, we think that the market is looking relatively well balanced for the remainder of this year.” OPEC and Russia reportedly planned to keep oil prices around $70,000 per barrel and possibly reduce output if global demand fell again.

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