OPEC+ Has Not Yet Discussed US’ Call to Increase Oil Output, Source Claims

© Sputnik / V. Nemirovskiy / Go to the photo bankAn Oka jackup floating drilling rig prospecting a shelf oil and gas field in the Sea of Okhotsk, Russian Far East
An Oka jackup floating drilling rig prospecting a shelf oil and gas field in the Sea of Okhotsk, Russian Far East - Sputnik International, 1920, 11.08.2021
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MOSCOW (Sputnik) - OPEC+ nations have not yet discussed Washington’s plan to call on the alliance of oil-exporting countries to increase output but consultations on the issue are not ruled out, a source in one of the delegations said on Wednesday.
"There have been no discussions between the members of the alliance on this issue yet. They [discussions] are constantly conducted on various issues informally when unforeseen events in the oil market occur," the source said, adding that consultations on Washington’s call to increase output are not ruled out.
The source also called against making quick conclusions on how the United States’ proposal will affect the oil market as "decision is not made yet."
On Wednesday, US National Security Advisor Jake Sullivan said that the White House would urge OPEC+ members to boost oil production as gasoline prices rise.
"We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices. Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery," Sullivan said in a statement as quoted by CNBC.
The OPEC agreement on increasing production by 400,000 barrels per day, reached in July, is not sufficient in such a "critical moment" for the world economy, which is recovering from the COVID-19 aftermath, the official added.
Sullivan warned that "higher gasoline costs if left unchecked, risk harming the ongoing global recovery."
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