White House Welcomes OPEC+ Decision to Stick with Planned Output Increase

In prior months, the Biden administration blasted identical increases in production by OPEC+ as insufficient, and criticized the group of producers for hobbling the economic recovery.

Trevor Hunnicutt, Reuters

The White House on Jan. 4 welcomed a decision by top oil producers to stick with their plans to raise crude production and touted “close” coordination with Saudi Arabia and the United Arab Emirates (UAE).

Earlier on Jan. 4, a group of producers comprising OPEC and allies including Russia stuck to a planned increase of 400,000 bbl/d for February.

The decision not to hike output even more helped lift oil prices further. Brent crude rose 50% last year and has rallied so far in 2022, trading 2% up above $80 on Jan. 4.

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