The United States is trying to force Russia to increase oil production in the face of rising fuel prices. The Interfax news agency quoted Russia’s Foreign Ministry as saying.
Russia’s oil cartel joins OPEC in determining production. Currently, OPEC + is gradually increasing production, but Washington wants to see more pumping. So far, the oil group has refused to listen to calls from Americans and other major nations. It now appears that the US has targeted Russia in particular and told it to increase production.
It was announced earlier this week that the United States would release 50 million barrels of oil from its strategic reserves in an effort to curb expensive fuel. This includes cooperation with other countries, including India, Japan and the United Kingdom, which release strategic reserves.
OPEC + will hold a meeting next week to discuss production, which is now increasing to 400,000 barrels per day each month. The Coalition does not intend to increase that momentum anymore. According to the business newspaper The Wall Street Journal, OPEC + may consider phasing out production as the United States and other countries begin to release oil from strategic stocks.
On Wednesday, the International Energy Agency (IEA) made another call for OPEC +. According to the IEA, the oil group is causing “artificial tightening” in the oil market.
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