OPEC rejects Biden call to produce more ‘fossil fuels’

Posted byRichard Fernandez

Last week, U.S. President Joe Biden’s administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery.

OPEC+ sees no need to meet U.S. call for more supply, sources say
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.