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OPEC+ refuses to comply with US request to increase oil production"Report" studio AIC Analytics Art Business Cultural policy Diaspora Domestic policy Ecology Education and science Energy European Games Exhibitions Finance Football Foreign policy Health ICT Incident Individual sports Industry Infrastructure Interesting Karabakh Literature Media Military Milli Majlis Multimedia Nagorno-Karabakh conflict Other countries Region Religion Show business Social security Team sports Tourism World Cup 2022
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Latvian President pays respect to National Leader Heydar Aliyev
The countries of the OPEC+ group decided not to increase oil production beyond the previously planned levels, despite request from the administration of US President Joe Biden, Report informs referring to Reuters.
Last week Washington called on OPEC+ to increase oil production amid rising gasoline prices in the US, which contributes to the acceleration of inflation, which, in turn, threatens to slow down economic growth. Then White House spokesperson Jen Psaki noted the importance of bringing the pricing in the world oil market into line with what is fair and competitive.
OPEC+ countries have already agreed to increase production by 400,000 barrels per day monthly from August to the end of this year. Reuters sources explained that an additional increase in production doesn’t make sense because then the supply will exceed the demand in the market.
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