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Biden Says He Doesn’t See OPEC+ Shifting to Help With Oil Prices
President Joe Biden acknowledged that OPEC+ countries won’t increase oil output enough to meet U.S. demands and left the door open to a range of options, as the administration weighs whether to tap the Strategic Petroleum Reserve. Biden was responding to a question about using the reserve after the oil-producing group, which includes Saudi Arabia, rejected his request for a large production increase and stuck to its plan for gradual monthly output increases of 400,000 barrels a day. “First of all, I’m not anticipating that OPEC would respond, that Russia and/or Saudi Arabia would respond,” Biden told ... (full story)
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