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Tags: Biden Administration | Financial Markets | Infrastructure | Middle East | Money | Russia | OPEC

OPEC Members Saudi Arabia, Russia Consider Pausing Oil Production Increases

The Kingdom Tower "Al-Mamlaka" in Riyadh, Saudi Arabia

A night view of The Kingdom Tower "Al-Mamlaka" in Riyadh, Saudi Arabia. (Dreamstime)

Wednesday, 24 November 2021 11:01 AM

Top oil producers Saudi Arabia and Russia are considering a move to pause their planned oil production increases, the Wall Street Journal reported Wednesday, citing people familiar with the discussions.

Other members of the Organization of the Petroleum Exporting Countries (OPEC+) group, including the United Arab Emirates, aren’t convinced a pause is necessary, the report added.

The Biden administration announced Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
Top oil producers Saudi Arabia and Russia are considering a move to pause their planned oil production increases, the Wall Street Journal reported Wednesday, citing people familiar with the discussions.
OPEC, oil and gas industry, energy prices, inflation
96
2021-01-24
Wednesday, 24 November 2021 11:01 AM
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