White House: OPEC+ has the power to act on oil supplies

OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.

WASHINGTON – The White House said on Thursday OPEC and its allies had the power to put more oil on the market and influence gasoline prices while the United States operated on a system in which oil producing companies made their own decisions on supply.

“The US operates on a competitive free market system,” White House spokesperson Karine Jean-Pierre told reporters. “Individual companies make their own decisions,” she said.

OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.

“OPEC+ is a … collection of countries that set supply levels themselves. They have the capacity and the power now to act and make sure this critical moment of global recovery is not impaired,” Jean-Pierre said. “OPEC+ production is what impacts global oil prices, which is what has an effect on gas prices at home.”  — Reuters

White House: OPEC+ has the power to act on oil supplies
Source: Filipino Viral News PH