OPEC+ Rebuffs US Calls for Speedier Oil Output Increases

Sources have said Saudi Arabia and Russia are becoming more confident that the higher prices will not elicit a fast increase in output by the U.S. shale gas industry.

Alex Lawler, Ahmad Ghaddar and Olesya Astakhova, Reuters

OPEC and its allies agreed at a meeting on Nov. 4 to stick to plans to raise oil output by 400,000 bbl/d from December, despite calls from the U.S., for extra supply to cool rising prices.

The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.

All oil producers suffered a drop in income during the COVID-19 pandemic and as demand recovers with the global economy it has allowed them to rebuild their balance sheets. OPEC+ supply restraint has underpinned a rally that has pushed global benchmark Brent crude to a three-year high of $86.70.

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