Interfax: US wants Russia to increase oil production

Photo: ANP

The United States is trying to persuade Russia to increase oil production to combat high fuel prices. This was reported by the Interfax news agency on the basis of comments from the Russian Ministry of Foreign Affairs.

Russia joins oil cartel OPEC in determining production. Currently, OPEC+ is gradually ramping up production, but Washington would like to see even more pumping up. So far, the oil group has refused to heed that call from the Americans and other major countries. It now seems that the US is specifically targeting Russia, asking to increase production.

In an effort to curb the expensive fuel, it was announced earlier this week that the US will release 50 million barrels of oil from its strategic reserves. This involves cooperation with other countries, including India, Japan and the United Kingdom, who are also releasing strategic reserves.

OPEC+ will hold a meeting next week to discuss production, which is now ramping up by 400,000 barrels per day each month. The alliance does not appear to intend to increase that pace any more. According to business newspaper The Wall Street Journal, OPEC+ may even consider temporarily pausing production gradually as the US and other countries begin to release oil from strategic stocks.

On Wednesday, the International Energy Agency (IEA) also called on OPEC+ to do more. According to the IEA, the oil group is causing “artificial tightness” in the oil market.

Interfax: US wants Russia to increase oil production
Source link Interfax: US wants Russia to increase oil production

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