OPEC+ just delivered another blow to Joe Biden as Afghanistan falls to the Taliban.
OPEC and its allies do not plan to pump more oil despite Joe Biden begging for them to increase production.
The Biden Administration last Wednesday begged OPEC to boost production as gas prices rise.
“The president recognizes that gas prices can put a pinch on the family budget,” a senior White House official, who asked not to be identified told CNBC. “He’d like his administration to use whatever tools that it has to help address the cost of gas, to help bring those prices down.”
Except for drilling in Alaska or finishing the Keystone XL Pipeline.
Joe Biden’s first order of business was to cancel the Keystone XL pipeline and stop drilling.
Gas prices have spiked since Joe Biden was installed in January.
The national average for a gallon of gas is $3.186 – over a $1 per gallon increase in the last year.
Now Biden is begging OPEC and its allies to increase oil production – and they said no!
Another humiliation for this incompetent and senile president.
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, 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 from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+.
One of the four sources, speaking on condition of anonymity, told Reuters there was no need to release extra oil more quickly, while another said there was no concern that the planned schedule of increases would leave any demand unmet.
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.