(Bloomberg) OPEC+ could clash with the US over its decision to stick with a gradual increase in oil output against calls by President Biden for higher production.
The US is calling upon OPEC+ to boost oil output to tame rising gasoline prices, but the oil cartel is adamant that the oil market is well-balanced, with no need for an increase.
The cartel says raising crude exports will do little to tame the power prices which have risen due to shortages of coal and natural gas.
OPEC+ member Saudi Arabia argues that the cartel should not increase crude faster than planned as demand is still held back by the pandemic.
India and Japan are among other importers joining the US in calling OPEC+ to boost oil output.
The US is speculated to release its strategic oil reserves if OPEC+ declines to remove output curbs.
American gasoline prices hit $3.70 a gallon, a seven-year high as oil prices hover around $85 a barrel.
CL1! is up +0.98%, NG1! is down -1.51%.
