Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Vista Projects
Copper Tip Energy Services
Copper Tip Energy
Vista Projects
Hazloc Heaters


No Need for OPEC+ to Raise Oil Production Faster, Oman Says


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

(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.

GLJ

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.

GLJ

The Organization of Petroleum Exporting Countries and partners next meet on Dec. 2.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE