The countries of the OPEC+ group decided not to increase oil production beyond the previously planned levels, despite request from the administration of US President Joe Biden, Report informs referring to Reuters.
Last week Washington called on OPEC+ to increase oil production amid rising gasoline prices in the US, which contributes to the acceleration of inflation, which, in turn, threatens to slow down economic growth. Then White House spokesperson Jen Psaki noted the importance of bringing the pricing in the world oil market into line with what is fair and competitive.
OPEC+ countries have already agreed to increase production by 400,000 barrels per day monthly from August to the end of this year. Reuters sources explained that an additional increase in production doesn’t make sense because then the supply will exceed the demand in the market.
