If Russia and other OPEC + countries refuse to increase oil production, this will be the wrong decision. This opinion was expressed on October 31 by US President Joe Biden at a press conference following the G20 summit.
“I think that the idea that Russia, Saudi Arabia and other major producers will not pump out more so that people have gas, for example, to get to work and back, is wrong,” Bloomberg quoted the American leader as saying.
The President of the United States stressed that large oil-producing countries cannot refuse to increase oil production, since this, among other things, negatively affects the cost of gasoline for American consumers.
At the same time, Biden noted that he was not ready to talk about concrete steps to increase production by OPEC + countries until they were taken.
Bloomberg wrote on October 29 that the United States, India, Japan and other major oil consumers are actively campaigning to persuade OPEC + to accelerate oil production growth. The agency notes that the Joe Biden administration is worried about the rise in gasoline prices, which have reached a seven-year high.
According to the agency, officials from the United States, Japan and India began appeals to other major oil consumers and exporting countries about three weeks ago, “however, in recent days they have intensified due to the rise in oil prices to $ 85 per barrel.”
On October 18, OPEC + exceeded the requirements for limiting oil production. In September, the alliance completed the deal by 115%, in August – by 116%. It was noted that not all countries can increase production to the agreed volumes, this may lead to a shortage of supply in the market. As a result, larger producers can increase production.
At the same time, on October 13, Russian President Vladimir Putin, during the plenary session of the Russian Energy Week forum, admitted that a barrel of oil would cost $ 100. According to him, the Russian Federation complies with its obligations to reduce oil production within the framework of the OPEC + agreement. He stressed that the country is doing everything possible so that the oil market “finally stabilizes.”