Opec Plus Agrees to a Bigger Increase in Oil Supply

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OPEC Plus suggested in a news release that it was responding to a reopening from lockdowns in countries like China. Not mentioned was pressure from Washington for an increase in supply to address rising prices.

The Saudis are trying to improve their relationship with the Biden administration, which wants to prevent soaring oil prices from alienating American voters in midterm elections and damaging the economies of the United States and other countries. But Riyadh also does not seem to want to break its five-year alliance on oil matters with Moscow, which is a co-leader of OPEC Plus.

Oil prices, which had fallen about 3 percent before the meeting as traders anticipated a significant increase in production, reversed direction after the OPEC Plus announcement, with West Texas Intermediate crude, the U.S. benchmark, up more than 1 percent, to nearly $117 a barrel.

Nevertheless, the OPEC Plus decision received praise from the White House.

“The United States…

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