After OPEC and its allies (OPEC+) postponed a meeting on Monday, US President Joe Biden’s administration pressed the organization to negotiate a compromise to boost output, Bloomberg writes, citing White House officials familiar with the conversations.
The fact that the talks have been called off suggests that there will be no rise in oil output.
The US is “closely following the OPEC+ negotiations and their influence on the global economic recovery from the COVID-19 pandemic,” despite the fact that it is not a party to the talks.
“Administration officials have met with relevant capitals to advocate for a compromise solution that will allow proposed production increases to proceed.”
“As the US economy recovers from the Covid-19 pandemic, energy supply must keep up, which necessitates stable oil market conditions.”/n
