Arab News: OPEC+ may adjust oil production plans next week in wake of US move
RIYADH: OPEC+ may reconsider plans to up oil production in the wake of a US-led proposal to release strategic petroleum reserves, according to Bloomberg.
Delegates from the group are reported to have said the release of millions of barrels from the inventories of their largest customers is unjustified due to current market conditions, and there is likely to be a coordinated response.
US President Joe Biden has been calling on OPEC+ to increase oil production beyond a planned rise of 400,000 barrels per day each month until the end of 2022.
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WNU Editor: OPEC warned yesterday what their response would be if the US releases oil from their strategic reserve .... OPEC+ Warns of Response as Biden Poised for Oil Reserve Release (Bloomberg). More here .... OPEC+ Vows To Respond If Countries Tap Their Oil Reserves (OilPrice.com).