OPEC+ members says NO to Joe Biden’s calls to boost oil output

OPEC+ headed for a clash with the U.S. as more members said No to  President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices.

On Monday, Kuwait said the cartel should stick with its plan to increase output gradually because oil markets were well-balanced. That followed similar statements from other key members in recent days, including Iraq, Algeria, Angola and Nigeria.

The Organization of Petroleum Exporting Countries and its allies – led by Saudi Arabia and Russia – meet on Thursday with pressure from oil consumers mounting as prices climb toward $85 a barrel. American gasoline is at a seven-year high of $3.70 a gallon.

The U.S., India, Japan and other importers are waging a campaign to force the group to ease last year’s pandemic-triggered supply curbs more quickly.

The Organization of Petroleum Exporting Countries and its allies – led by Saudi Arabia and Russia – meet on Thursday with pressure from oil consumers mounting as prices climb toward $85 a barrel. American gasoline is at a seven-year high of $3.70 a gallon.

The U.S., India, Japan and other importers are waging a campaign to force the group to ease last year’s pandemic-triggered supply curbs more quickly.

“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said Sunday.

While Biden declined to say how he would react if OPEC+ doesn’t change tack, analysts have speculated the U.S. might sell some of its strategic petroleum reserves.