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The Biden administration is currently trying to convince OPEC that it needs to pump more oil. They said retail prices are now very high in the US, and discontent has risen among motorists despite increasing local output. At the same time, the EIA said oil imports are declining, and prices for it are constantly growing.
Earlier in October, US Secretary of Energy Jennifer Granholm suggested that the administration release oil from the strategic reserve to cap prices, but later the department declined to comment.
Meanwhile, OPEC has been failing to meet its production quotas as some participants struggle with investment shortages.
It has been a long time since the Biden administration approached the organization to increase production and supplies, but the coalition is yet to agree.
Although there are members who have enough spare capacity, the group, as a whole, appears to have taken a cautious approach in raising output. This means that retail prices of oil may remain high, at least until the next OPEC meeting in November.
Reuters also said the organization ramped up its production targets by 400,000 b/d in September, and agreed to have another 400,000 b/d increase in October and November. But member countries such as Angola and Nigeria were reported to have been unable to meet it due to inadequate investment and maintenance problems. Most likely, these same problems will continue to affect manufacturers from West Africa.
Saudi Arabia has also defended its policy of gradually increasing production despite calls from large consumers (such as the United States) to further increase supplies amid a surge in oil prices.
OPEC plans to hold a meeting on November 4 to discuss issues related to oil production.
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