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.