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Commodities

31 Oct 2021

Nations Urging OPEC to Boost Oil Output amid Rising Prices

Nations Urging OPEC to Boost Oil Output amid Rising Prices

The Index Today

In the past year, oil barrel prices have surged to higher rates, starting off at $50, then $75 and now moving closer to $100. A sense of panic resurged after the President of Russia and also a member of the OPEC stated that oil could go up to even $100 soon. As inflation grows, Central banks are expected to hike interest rates which could further lay more pressure on OPEC.

The Oil organization is pressured to increase oil output to keep prices under control. Currently OPEC is working on boosting oil output by 400,000 barrels a day. Leaders of major countries are seeing the effects of oil shortages on a worldwide scale. In the U.S, gasoline prices have peaked to a 7-0 year high, pushing the Biden Administration to call OPEC for productivity boosts.

On the other hand, the world’s third largest oil consumer, India, has also asked for more oil supply as it deals with inflation. Amos Hochstein, an energy diplomat of the U.S told reports, “We found ourselves in an energy crisis. Producers should ensure that oil markets and gas markets are balanced.”

South East Asian nations including Japan have asked to increase oil production. But Middle East countries such as Saudi Arabia have declined requests to boost oil output saying that the additional 400,000 barrels should be enough to cover demand and aid in economic recovery.

More oil consuming countries are voicing concerns over the shortage of oil and are asking for a production boost. Jake Sullivan, U.S national security advisor said on board Air Force One “Our view is that global recovery should not be imperiled by a mismatch between supply and demand. And action needs to be taken.” U.S diplomats are in talks with other nations at the G20 summit to further discuss the oil issues and climate issues on the same hand.

©Photo: Reuters