The White House has said Opec+ risks imperilling the global economic recovery by refusing to speed up oil production increases and warned the US was prepared to use “all tools” necessary to lower fuel prices.
The move came after Saudi Arabia-led Opec and its allies such as Russia rejected US calls to help tame rising oil prices, insisting they would stick with a plan of only gradually increasing output, even as demand roars back from the depths of the pandemic.
“Opec+ seems unwilling to use the capacity and power it has now at this critical moment of global recovery for countries around the world,” said a spokesperson for Biden’s National Security Council.
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