President Biden urged nations to coordinate oil release from Strategic Petroleum Reserve (SPR), in coordination with other countries, as part of efforts to tamp down high gas prices.
Global oil prices climbed to a one-week high after the move to release oil from strategic petroleum reserves to cool the market fell short of some expectations.
Haynes and Boone survey shows that a primary indicator leans toward favorable borrowing for producers in 2022.
The minister said OPEC+ would meet on Dec. 2 and base decisions on "balance of supply and demand".
The move is a coordinated effort between energy-consuming nations including China and Japan to combat the rapid rise in energy prices.
Increased supply from OPEC+ and non-OPEC producers, strengthening of US dollar and uptick in COVID cases will lead to further downward pressure on oil prices, Stratas Advisors said in its latest forecast.
The Biden administration has asked big oil buyers including India, Japan and China for the first time to consider releasing stocks of crude.
OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 bbl/d to the market on a monthly basis, but have resisted Biden’s calls for more rapid increases.
Gas prices have continued to rise at the pump, Biden said in a letter to the FTC, noting that the two largest U.S. oil and gas companies—Chevron and Exxon Mobil—were on track to nearly double their net income.