US official: The White House renews its calls to “OPEC +” to do more about oil prices

US official: The White House renews its calls to “OPEC +” to do more about oil prices
US official: The White House renews its calls to “OPEC +” to do more about oil prices

Reuters

ALEXANDER DRAGO

White House

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An official in the US administration announced that the White House is sticking to its calls for oil-producing countries to make more efforts to support the global economic recovery, after crude prices recorded their highest levels.

“The White House is closely monitoring the cost of oil and gasoline and is using every tool at our disposal to address anti-competitive practices in US and global energy markets to ensure stable and reliable energy markets,” the official was quoted as saying by Reuters.

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He added that “US officials raised their concerns at a high level with a few members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the group known as OPEC +.”

The global benchmark Brent crude reached a level not seen since 2018, while US crude prices reached high levels that they have not reached since 2014 due to factors including the recovery of demand around the world at a faster rate than expected, and high natural gas prices motivate some countries to Switching to oil instead of gas to generate electricity.

On the other hand, “OPEC +” has maintained restrictions on supplies since the beginning of the pandemic.

Source: “Reuters”

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