OPEC and its allies including Russia decided on Thursday to stick with a schedule of gradual production increases as the U.S. weighs an unprecedented release from its national strategic petroleum reserves in an attempt to bring down gasoline prices.
The group, known as OPEC+, said Thursday that it would boost crude output by 432,000 barrels a day in May as it works to restore pre-pandemic levels of production, according to a statement. That's up slightly from 400,000 barrels per day in previous months. The oil-producing nations have resisted pressure from the U.S. to pump more crude as prices soar, exacerbating already sky-high inflation.
OPEC Secretary General Mohammad Sanusi Barkindo participates in the Atlantic Council's Global Energy Forum in Dubai, on March 28, 2022.The move came as President Biden on Thursday morning ordered a record-setting 180 million barrels of oil released from the nation's Strategic Petroleum Reserve in hopes of lowering gas prices. If fully enacted, the president's plan would release 1 million barrels per day for the next 180 days.
Proponents of releasing barrels from the emergency stockpile say that doing so would increase oil supplies and reduce prices at the pump, while also generating billions in revenue for the federal government. Still, critics say that releasing emergency supplies is a short-term fix to a problem and does not actually increase the country's oil-production capabilities.
U.S. President Joe Biden speaks in the Roosevelt Room of the White House in Washington, D.C., U.S., on Tuesday, March 8, 2022.
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