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OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months despite US pressure to add more crude to arrest an oil price rise, four sources told Reuters.
“I don’t think there is a need (for extra oil beyond what’s already planned),” one of the four sources told Reuters.
Last week, US President Joe Biden’s administration urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery.
OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out.
