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OPEC+ may adjust oil production plans next week in wake of US move

Thursday, 25 November 2021 | 17:00

OPEC+ may reconsider plans to up oil production in the wake of a US-led proposal to release strategic petroleum reserves, according to Bloomberg.

Delegates from the group are reported to have said the release of millions of barrels from the inventories of their largest customers is unjustified due to current market conditions, and there is likely to be a coordinated response.

US President Joe Biden has been calling on OPEC+ to increase oil production beyond a planned rise of 400,000 barrels per day each month until the end of 2022.

US politician Ro Khanna, a Democrat member of the House of Representatives, has urged the White House to reduce oil prices by banning US crude exports, Bloomberg said.

The idea is under consideration, according to what has been told to Khanna.
Source: Arab News

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