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01Nov21

‘Not right’: Biden comments on refusal of Russia, OPEC+ countries to boost oil production

The refusal of Russia, Saudi Arabia and other oil-producing countries to boost production with surging oil and gas prices is not the right move, US President Joe Biden reported on Sunday at the press conference in Rome following the end of the G20 summit.

"I do think that the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not, is not, right," he said.

Responding to a question of what White House intends to undertake so that OPEC+ countries boost oil production, Biden noted that he wouldn’t like to speak about these moves before their implementation.

The American president also stressed that he disagrees with unlimited hikes in gasoline prices in the United States as a result of limiting oil production. Biden added that the rising cost of gasoline affects working-class families. Gasoline is needed so that they can take their children to school, so that school buses run.

According to Biden, the idea that people give up using cars due to the hikes in the gasoline price which can contribute to the decrease in cutting greenhouse gas emissions is not right either.

Ministers of OPEC+ countries resolved to continue scaling up oil production by 400,000 barrels per day in November at the meeting on October 4. Thus, in October, OPEC+ countries will reduce oil production by 4,559 million bpd to the baseline level, and in November - by 4,159 million bpd. Due to the restriction of oil production and the return of the US economy to function after the pandemic, the price of gasoline has increased significantly.

[Source: Tass, Rome, 01Nov21]
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