BREAKING: OPEC rejects Biden’s call to increase oil production

OPEC as well as it’s allies have rejected President Biden’s call to increase oil production.

Per Reuters “OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.”

“The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+,” the report adds.

Last Wednesday the Biden White House called on OPEC and its allies to increase oil production as gas prices have risen.

The Biden admin said OPEC+’s decision to gradually ease production cuts is “simply not enough” during a “critical moment in the global recovery.”

“We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” National Security Advisor Jake Sullivan said.  “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”

Texas Governor Greg Abbott responded.

Dear White House:

Texas can do this.

Our producers can easily produce that oil if your Administration will just stay out of the way.

Allow American workers—not OPEC—produce the oil that can reduce the price of gasoline.

Don’t make us dependent on foreign sources of energy.