Saudi, UAE Signal OPEC+ Will Resist U.S. Calls to Pump More Oil - Bloomberg
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster.
President Joe Biden, concerned that gasoline prices at a seven-year high are stoking inflation in America, has called on the 23-nation alliance to turn on the taps and bring down crude prices.
OPEC+, led by Saudi Arabia and Russia, is currently increasing daily output by 400,000 barrels per month.
“The 400,000 is continuing and that should be enough,” Mazrouei said in an interview in Abu Dhabi, where he’s attending the Adipec oil and gas conference. He spoke after being on a panel with the energy ministers of Saudi Arabia and India.
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