A top Russian official said Wednesday that Russian and Middle Eastern energy producers will continue to disregard the Biden administration’s pleas for boosted output.
Deputy Prime Minister Alexander Novak explained that the Organization of the Petroleum Exporting Countries and Russia, collectively known as OPEC+, have chosen to stick to previous plans to ensure market stability, Reuters reported. While the U.S. has urged the group of nations to deviate from those plans and produce more crude oil and natural gas several times over the last several months, the calls have largely been ignored.
“We believe that it would be right for the market to show in the mid-term how we will increase production as demand grows,” Novak said in an interview Wednesday, according to Reuters. “The producing companies should understand beforehand which investments they have to plan in order to ensure a production increase.” (RELATED: European Gas Prices Hit Record After Russia Cuts Supply)
Oil and natural gas prices have surged in the U.S. and Europe as OPEC+ has remained steadfast in its steady output plan. The increasing costs has contributed to higher gasoline prices at pumps worldwide and an energy crisis in Europe and Asia.
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