White House Calls on Oil Cartel OPEC to Boost Production as Gas Prices Soar

WASHINGTON—Worried about rising gas prices, the Biden administration has called on oil producing countries including Saudi Arabia and Russia to raise their oil production. Strong recovery in global demand and slow growth in supplies have been pushing crude oil prices higher in recent months. National Security Advisor Jake Sullivan issued a statement on Aug. 11 asking the Organization of the Petroleum Exporting Countries and Russia (OPEC+) to address rising gasoline costs. “Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan warned. In July, OPEC+ ministers agreed to boost oil production by 0.4 million barrels per day (bpd) on a monthly basis from August until year end. The decision came amid a strong rebound in global demand. But this increase is not enough according to the White House to ensure “reliable and stable global energy markets.” “While OPEC+ recently agreed to production increases, these increases will not …

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