According to The New York Times, the Organization of the Petroleum Exporting Countries and Russia rejected Joe Biden’s calls to increase oil production.
Earlier, the US administration called on Saudi Arabia-led OPEC and its allies such as Russia to boost oil output to tackle rising gasoline prices. However, the cartel and independent oil exporters decided to maintain a course ensuring "stability and balance in the oil market."
At a meeting, the 23-member group, including Saudi Arabia and Russia, agreed to stick to their original plan to increase output by 400,000 barrels per day. According to representatives of the cartel, this is the most optimal solution for the global oil market. The countries believe that the coordinated increases in oil supply correlate with growing demand. The oil producer group defended its stance saying that it was acting as a "responsible regulator" in the hydrocarbon market, whose primary task is to keep an eye on whether supply matches demand.
In this regard, OPEC+ members recommend paying attention to other energy markets, primarily to the gas one. Notably, gas prices have recently experienced an unprecedented rally. Europe has been suffering the most from the "extreme volatility and instability."
Earlier, US President Joe Biden blamed Russia and OPEC+ nations for a sharp rise in oil prices. The surge in the hydrocarbon market stemmed from their refusal to pump more crude, the US leader noted. Therefore, the head of the White House urged OPEC and allied oil-producing states to ramp up oil production.
