OPEC+ rejects Biden calls to increase production

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Saudi Arabia-led OPEC and its allies, led by Russia, rejected calls by the United States and other oil-consuming countries to increase crude production in order to reduce prices.

After finishing a meeting Wednesday morning, OPEC+ reaffirmed its plan to boost its collective production by 400,000 barrels a day next month. President Joe Biden has repeatedly blamed OPEC+ for high oil prices, which have trickled down to cause spikes at U.S. gasoline pumps, prodding the group of oil-producing nations to ease its supply curb agreement it enacted during the pandemic more aggressively.

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But OPEC+ is resisting the pressure and taking a more cautious approach, arguing that despite the market tightness, supply is slowly returning and markets could be rebalanced by next year, especially if Iran is able to start exporting oil if the U.S. lifts sanctions as part of an eventual nuclear deal.

“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said Sunday in Rome.

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Republicans have bashed Biden for pressuring OPEC to boost production while pursuing measures to limit domestic production. “He’s begging OPEC to produce more oil while he’s telling Americans they can’t produce oil in this country,” House Republican Whip Steve Scalise said at a press conference this week.

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