8/11/2021, 12:54 PM (Source: TeleTrader)
more TeleTrader news

US to call on OPEC+ to raise oil output - report

The Biden administration will urge the OPEC+ energy alliance to increase oil production even more, hoping that such action would lead to a decline in gasoline prices in the United States and subsidence of the overall inflation in the country, CNBC reported on Wednesday.

Citing a statement by US National Security Advisor Jake Sullivan it obtained, the media outlet said that he told the cartel that its measures currently in place, including the 400,000 barrels per day monthly production hikes until the end of 2021, are "simply not enough." White House officials held discussions with Saudi Arabia, the United Arab Emirates and other OPEC+ countries about the issue earlier this week, according to the report.

In addition, the US National Economic Council reportedly asked that the Federal Trade Commission (FTC) "monitor" the domestic gasoline market and "address any illegal conduct that might be contributing to price increases for consumers at the pump."

Baha Breaking the News (BBN) / MS