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Biden pushes G20 energy producing countries to boost production


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Biden pushes G20 energy producing countries to boost production

U.S. President Joe Biden on Saturday urged major G20 energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery as part of a broad effort to pressure OPEC and its partners to increase oil supply.

With oil and gas prices surging, some energy-producing countries such as Russia and Saudi Arabia have not boosted output enough to satisfy countries that are largely energy consumers and worry about energy shortages and inflation.

French President Emmanuel Macron echoed those concerns in an interview with the Financial Times, urging the summit to push for better "visibility and stability on prices" to avoid undermining the post-pandemic global economic recovery.

Rocketing natural gas prices, with the European benchmark up almost 600% this year, have been fuelled by low inventories and surging demand.

A senior U.S. administration official said after the G20 session that energy consumer nations had started to discuss what they can do if OPEC and its partners do not do more.

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No wonder gasoline prices have risen so much, Joe Biden shuts down pipelines and drilling in the U.S., then asks OPEC to give us more oil.

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