OPEC+ rebuffs U.S. calls for speedier oil output increases | Reuters
OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.
The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.
All oil producers suffered a drop in income during the COVID-19 pandemic and as demand recovers with the global economy it has allowed them to rebuild their balance sheets. OPEC+ supply restraint has underpinned a rally that has pushed global benchmark Brent crude to a three-year high of $86.70.
Top OPEC producer Saudi Arabia has dismissed calls for speedier oil supply increases from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, citing economic headwinds.
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