Oil Prices on the Rise after OPEC+ Refused a US Call to Boost Production
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After the OPEC+ ignored the American call to accelerate the pace of rising oil production, oil prices rose today by more than 1%.
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OPEC + ignored US President Joe Biden's call to increase supply
Oil prices rose more than 1% on Friday, to compensate for some price losses after OPEC+ rejected an American call to increase supplies to cool the market, sticking to plans for a gradual return to production diminished due to the Corona pandemic.
On Thursday, the OPEC+ group of major producers agreed to continue to their plan to increase oil supply by 400,000 barrels per day (BPD) from December, despite calls from US President Joe Biden for more output to calm surging prices.
Saudi Arabia, the top OPEC producer, ignored requests from the Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia, for faster increases, citing economic headwinds.
Retail gasoline prices in the US
With retail gasoline prices in the United States hovering around $4 a gallon, putting pressure on US drivers, the onus is on the White House, after Vice President Joe Biden asked major G20 energy suppliers with spare capacity to boost output on Saturday.
After the OPEC+ summit, the White House stated it will evaluate the full range of instruments at its disposal to ensure affordable energy access.
The numbers
Brent crude rose 82 cents, or just over 1%, to $81.36 a barrel at around 01:46 GMT, after losing about 2% on Thursday.
US crude rose 97 cents, or 1.25%, to $79.78 a barrel, after losing 2.5% in the previous session.
