US Secretary of Energy Jennifer Granholm on Friday called on oil-producing countries to immediately increase oil production in order to reduce the cost of living.
The US government official made the move just one day after the decision of the OPEC cartel and its allies (who together form the OPEC + scheme) to continue with the existing plan to increase their production, despite US pressure to assist. in normalizing the market.
It is noted that oil prices have recently climbed to the highest level since 2014, with oil-importing countries under strong pressure. Rising prices have led to rising gasoline prices but also to a spike in inflationary pressures around the world, further burdening the living standards of consumers who are already being asked to pay more for a variety of goods due to supply chain problems. coronavirus pandemic.
Asked by CNBC about US relations with Saudi Arabia, the de facto leader of OPEC, after yesterday’s cartel decision, the US Secretary of Energy stressed: “On some issues, they have strong relations and on others we would like the allies us to move a little faster “.
Speaking at CNBC on Friday as part of the COP26 climate summit in Glasgow, Granholm said: “The message is that we need to increase supply right now so that people are not under pressure during the winter months.”
Brent crude for December delivery was up 0.94% at $ 81.30 a barrel, while US WTI crude was up 1.23% at $ 79.78 a barrel.
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Source From: Capital
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