U.S. President Joe Biden has squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world.
Oil pumping jacks, also known as "nodding donkeys," operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020.Oil prices have hit their highest levels since 2014, and crude importing countries are feeling the pain. But despite diplomatic pressure, OPEC and its allies are unlikely to decide to open up the taps during the oil cartel's meeting on Thursday.
President Joe Biden squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world. So far, however, the group's policy from August to gradually increase oil production by 400,000 barrels per day each month is perfectly fine by the OPEC members and its allies, which include Russia. The program "is working well and there is no need to deviate from it," Angola's oil minister Diamantino Pedro Azevedo said Sunday.
For OPEC+ ministers, the word of the month is caution, said Herman Wang, senior oil writer at S&P Platts.
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