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8/11, 3:23 PM (Source: TeleTrader)
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US: OPEC+ must do more to support recovery

United States President Joe Biden's administration issued on Wednesday an official statement in which it called on the expanded Organization of the Petroleum Exporting Countries (OPEC+) to enhance its production of oil and "do more to support the recovery" from the crisis caused by the COVID-19 pandemic.

"Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. [...] Although we are not a party to OPEC, the US will always speak to international partners regarding issues of significance that affect our national economic and security affairs, in public and private. We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices," National Security Advisor Jake Sullivan said.

Following the report that Biden's administration is pressuring OPEC+ to boost its production capacity, the prices of oil dropped earlier in the day, with Brent for settlements in October declining by 0.82% to $70.04 per barrel, and West Texas Intermediate (WTI) deliveries for October going down by 0.88% to $67.69 per barrel.

Breaking the News / JR