CNBC: OPEC+ agrees to stick to oil production plan, defying U.S. pressure
* The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.
* Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain.
OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multiyear highs in crude prices and U.S. pressure to help cool the market.
The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.
Russian Energy Minister Alexander Novak told a news conference Thursday: “The decision was made previously to increase production by 400,000 (barrels per day) every month, and I underscore every month, until the end of 2022. Today the decision was reiterated to maintain current parameters which were decided on earlier.”
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WNU Editor: OPEC+ has a good thing going right now. They are not going to change their production quotas while the Biden administration continues to is restrict its own energy production thereby guaranteeing low supply and higher prices. Why should they?
More News On OPEC+ Rejecting President Biden’s Plea To Pump More Oil
OPEC+ rebuffs U.S. calls for speedier oil output increases -- Reuters
OPEC+ Rejects Biden’s Plea for Bigger Oil-Supply Increase -- Bloomberg
OPEC+ snubs Biden’s plea to pump more oil -- Al Jazeera
OPEC ignores Biden’s plea, formalizes December oil output plan -- World Oil
OPEC+ Rejects Biden's Plea To Pump More -- Zero Hedge
