US tells Opec+ it’s not done in its efforts to ease oil prices – The National

US tells Opec+ it’s not done in its efforts to ease oil prices – The National

The Biden administration has said Opec+ is at risk of impairing the world’s economic recovery by failing to put more oil back into the global market, signalling its efforts to ease high crude prices aren’t over.

Hours after Saudi Arabia and its Opec+ allies approved a 400,000 barrel per day output hike for December, the White House reiterated it will consider “the full range of tools” to protect the economy. Other major consumers also say the decision is not enough to sustain the post-Covid-19 economic recovery, with the US asking for as much as double that amount.

“They have the capacity and the power now to act and make sure this critical moment of global recovery is not impaired,” White House spokeswoman Karine Jean-Pierre said. The US operates in “a competitive free market system” and stressed that Opec+ “is what impacts global oil prices, which is what has an effect on gas prices at home”, she said.