NO! OPEC and its allies slap down Biden begging for more oil…

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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.

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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.

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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.

 

 

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