The failures are mounting: OPEC turns down Biden’s request for more oil

The failures are mounting: OPEC turns down Biden’s request for more oil

[Ed. – The best-laid schemes.]

OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.

The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+.

Last week, U.S. President Joe Biden’s administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery.

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OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out.

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