The recent meeting between members of the Organization of the Petroleum Exporting Countries resulted in a refusal of the world's leading oil producers to grant a request by the United States to increase oil production. The group of 23 oil-producing nations led by Saudi Arabia and Russia agreed to keep to gradual monthly output increases of 400,000 barrels per day.
Ahead of the OPEC+ meeting, the White House blamed the cartel and its allies for putting the global economic recovery at risk. US President Joe Biden said that a steep rise in oil prices was “a consequence of, thus far, the refusal of Russia or the OPEC nations to pump more oil” and called on the countries to boost oil output. However, representatives of the oil production group saw no cause for profound changes and decided to stick to their original plan.
According to OPEC+, its primary task is to carefully consider and agree on oil production to meet growing demand. The exporting countries are acting as a responsible regulator in the hydrocarbon market that is committed to ensuring sufficient supply in the market that matches demand, officials stressed.
In addition, OPEC+ members recommended that the United States take a closer look at other energy markets, in particular the natural gas one. Notably, it has recently seen an unprecedented surge in prices as well as "extreme volatility and instability."
