Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field. Photo: Stanislav Krasilnikov\TASS via Getty Images
OPEC and its allied countries on Thursday ignored President Biden's demands to speed up the pace of oil production.
Why it matters via Axios' Ben Geman: The OPEC+ alliance agreed to stick to its current plan to raise oil output by 400,000 barrels per day in December — a setback for Biden, who has called for more production as gasoline prices reached a seven-year high.
- The decision to stick with the moderate output increase is likely to keep crude prices elevated.
What they're saying: OPEC in a statement said the alliance, which is made up of OPEC members led by the Saudi Arabia and non-members led by Russia, seeks "to ensure a stable and a balanced oil market."
- "The meeting reaffirmed the continued commitment ... [to] the efficient and secure supply to consumers and to provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability," the statement added.
The big picture: Biden at the Group of 20 summit last weekend sought to coordinate with oil-consuming countries over how to influence the pace of oil production from the OPEC+ alliance, per AP.
- Earlier this week in Glasgow, Scotland, Biden said pump prices stem from "the refusal of Russia or the OPEC nations to pump more oil."
Go deeper: White House calls on OPEC+ to increase oil production as gas prices rise