NEW – Major oil industry trade groups suing the Biden admin for halting drilling auctions (Reuters)
— Disclose.tv 🚨 (@disclosetv) August 16, 2021
OPEC and its allies, including Russia, believe oil markets do not need more oil, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.
The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery and Biden sharply cutting U.S. supply.
Two other OPEC+ sources said the latest data from OPEC and from the West’s energy watchdog – the International Energy Agency (IEA) – also indicated there was no need for extra oil.