No Need for OPEC+ to Raise Oil Production Faster, Oman Says
No Need for OPEC+ to Raise Oil Production Faster, Oman Says
(Bloomberg) -- Oman said there was no need for OPEC+ to accelerate oil-production increases, signaling at least some members of the group will continue to resist U.S. pressure for more crude.
OPEC+ is already raising daily supply by 400,000 barrels per month and that’s enough, Oman’s Energy Minister Mohammed Al-Rumhy said in an interview in Abu Dhabi, where he’s attending the Adipec conference.
The 23-nation group, led by Saudi Arabia and Russia and which includes Oman, is not concerned about the U.S. potentially releasing oil from its Strategic Petroleum Reserve, he said. That wouldn’t oversupply the market, he said.
Crude has soared around 60% to more than $80 a barrel this year as economies recover from the coronavirus pandemic and the OPEC+ group of major producers restricts supply. High prices are stoking inflation. President Joe Biden, concerned by gasoline prices climbing to a seven-year high in the U.S., is calling on OPEC+ to increase output faster.
The Organization of Petroleum Exporting Countries and partners next meet on Dec. 2.
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