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OPEC+ agrees to stick to oil production plan, defying U.S. pressure


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OPEC+ agrees to stick to oil production plan, defying U.S. pressure

OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multiyear highs in crude prices and U.S. pressure to help cool the market.

The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.

Russian Energy Minister Alexander Novak told a news conference Thursday: “The decision was made previously to increase production by 400,000 (barrels per day) every month, and I underscore every month, until the end of 2022. Today the decision was reiterated to maintain current parameters which were decided on earlier.”

President Joe Biden squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world.

“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 at the G-20 meeting in Rome.

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Biden shut down U.S, pipelines and drilling so prices skyrocketed, and now he blames OPEC for not giving him more oil.

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