NEW YORK, Aug 12 ― US President Joe Biden’s administration on Wednesday urged Opec and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. The request reflects the White House’s willingness to engage major world oil...
NEW YORK, Aug 12 ― US President Joe Biden’s administration on Wednesday urged Opec and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery.
The Organization of the Petroleum Exporting Countries and its allies, known as Opec+, had implemented a record output cut of 10 million barrels per day, about 10 per cent of world demand, as global energy demand slumped during the pandemic. But it has gradually raised output since, with the cut eased to about 5.8 million bpd as of July.
White House press secretary Jen Psaki said the outreach to Opec+ was aimed at long-term engagement to end anti-competitive practices, not necessarily to garner an immediate response. Global benchmark Brent crude gained more than 1 per cent to over US$71 a barrel on Wednesday. That is lower than the prices above US$77 in early July, but still represents an increase of nearly a third from the beginning of the year.
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