White House urges OPEC to increase oil production as part of Covid-19 economic recovery

WASHINGTON – The White House urged OPEC to increase oil production on Wednesday, saying recent planned increases are insufficient as countries around the world seek to emerge from the Covid-19 pandemic.

National Security Advisor Jake Sullivan said in a statement that recent production increases planned by the Organization of the Petroleum Exporting Countries “would not fully offset previous production cuts” made by OPEC and its oil-producing allies. oil during the pandemic.

“At a critical time in the global recovery, it’s just not enough,” Sullivan said.

Brent crude, the international benchmark for oil, fell 0.8% to $ 70.04 a barrel after the White House announcement. Oil prices have seen volatility in recent days amid concerns over the Delta variant of Covid-19.

In July, OPEC and a group of Russian-led oil producers agreed to release millions of barrels of crude over the next two years, pledging to restore any cuts they made at the start of the Covid-19 pandemic. The group has chosen to evolve gradually, with monthly payments of new oil until the end of 2022.