OPEC+ answers Joe Biden's pleas with one of smallest output hikes in its history
OPEC+ had shown some goodwill toward consumers in recent months, fast-tracking the production increases in July and August that completed the reversal of their COVID-era curbs. The Saudis ramped up output to 10.78 million barrels a day last month, according to a Bloomberg survey, a level pumped only on rare occasions.
There’s been a “remarkable” drop in crude prices in recent months, but the Biden administration wants to see them go even lower, Hochstein said.OPEC+ delegates said before the meeting that they saw no immediate need to replace supplies from coalition member Russia, which have proven robust despite sanctions over its invasion of Ukraine. Opening the taps freely could also have strained relations with Moscow.
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