OPEC moves ahead with planned production increase despite White House call for more

OPEC moves ahead with planned production increase despite White House call for more

Foto: Leonhard Foeger – Reuters

 

A group of oil-producing countries known collectively as OPEC+ on Wednesday said it would move ahead with a previously planned increase in its output despite a call from the Biden administration to increase it further. 

By The Hill – Rachel Frazin

Sep 01, 2021

In a statement, the coalition said it would “reconfirm” a plan approved in July to add 400,000 barrels per day to its monthly overall production until pandemic-related cuts are phased out.





The move comes in defiance of the U.S. – which is not a party to the group – as the Biden administration asked the group last month to add more oil to the market to temper prices.

“While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022,” national security adviser Jake Sullivan said in a statement at the time. “At a critical moment in the global recovery, this is simply not enough.”

The Biden administration’s call drew criticism from conservatives and progressives alike, with the former decrying the need to depend on foreign oil and the latter arguing that the country shouldn’t encourage more fossil fuel production of any kind.

OPEC stands for the Organization of the Petroleum Exporting Countries, which includes countries such as Saudi Arabia and Venezuela. They join together with other countries such as Russia to make up OPEC+.

Read More: The Hill – OPEC moves ahead with planned production increase despite White House call for more

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