11/2/2021, 8:29 PM (Source: TeleTrader)
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Biden: OPEC+ refusal to pump more oil caused high prices

United States President Joe Biden said on Tuesday that high oil prices were caused by Russia and OPEC nations refusing to "pump more oil."

Asked about rising inflation during a press conference in Glasgow, Biden stated it was caused by the COVID-19 pandemic affecting supply chains but failed to provide an estimate on when it could start declining again.

Earlier in the day, Kremlin asked global powers to remain patient when it comes to OPEC+ raising production levels, stressing "the situation is subject to revision" at their meeting on Thursday.

Baha Breaking News (BBN) / NP