Energy-consuming countries consider response if OPEC does not increase oil production

Through Jennifer Epstein and Justin Sink to 10/31/2021

(Bloomberg) – The United States is discussing with other energy-consuming countries how to pressure OPEC + to increase production to deal with the current supply crunch, a senior official said. American official to reporters in Rome.

The leaders will also discuss how they might react if the 23-country cartel that includes Russia does not act, the official said, although he is not speculating on what those options might be.

More generally, an intense campaign is being waged to persuade OPEC + to step up its production increases, Bloomberg reported earlier, citing several diplomats and industry insiders involved in the contacts.

Saudi Arabia’s King Salman bin Abdulaziz addressed the Group of 20 summit in Rome on Friday, saying his government is seeking “balance” in energy markets.

“The Kingdom will continue to play a leading role in economic and health recovery and recovery from global crises, and in the search for a balance to ensure the security and stability of energy markets”, a- he said, according to the Saudi press agency.

The cartel meets virtually on November 4 to review the policy.

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