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U.S. to OPEC+: ‘This Isn’t the End’ of Effort to Ease Oil Prices

  • The U.S. had asked for larger supply hike from the cartel
  • There is speculation White House will tap emergency oil stocks
Russian Oil Fields Ahead of 180th OPEC Meeting
Photographer: Andrey Rudakov/Bloomberg
Updated on

The Biden administration warned on Thursday that OPEC+ is at risk of impairing the world’s economic recovery by failing to put more oil back into the global market, signaling that its efforts to ease high crude prices aren’t over.

Hours after Saudi Arabia and its OPEC+ allies approved a 400,000 barrel-a-day output hike for December, the White House reiterated that it will consider “the full range of tools” to protect the economy. Other major consumers also say that the decision is not enough to sustain the post-Covid economic recovery, with the U.S. asking for as much as double that amount.