White House urges OPEC to boost oil output amid Covid-19 economic recovery
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1 min read . Updated: 11 Aug 2021, 07:42 PM IST Recent planned increases by OPEC won’t fully offset previous cuts, National Security Adviser Jake Sullivan says
WASHINGTON : The White House urged OPEC to boost oil production Wednesday, saying recent planned increases are insufficient as countries around the world seek to emerge from the Covid-19 pandemic.
National security adviser Jake Sullivan said in a statement that recent planned production increases by the Organization of the Petroleum Exporting Countries would “not fully offset previous production cuts" made by OPEC and its oil-producing allies during the pandemic.
“At a critical moment in the global recovery, this is simply not enough," Mr. Sullivan said.
Brent crude, the international oil benchmark, fell 0.8% to $70.04 a barrel after the White House announcement. Oil prices have experienced volatility in recent days due to concerns over the Delta variant of Covid-19.
In July, OPEC and a group of Russian-led oil producers agreed to unleash millions of barrels of crude over the next two years, committing to restore all the cuts they made at the start of the Covid-19 pandemic. The group chose to move gradually, with monthly installments of new oil through the latter end of 2022.
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