US Energy Secretary Jennifer Granholm wants the oil countries united in OPEC+ to immediately increase oil production to counter the high fuel prices. Oil cartel OPEC and allies like Russia decided on Thursday to stick to a gradual increase in production, despite pressure from major countries, including the United States, to pump even more.
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In an interview with business channel CNBC at the COP26 climate summit in Glasgow, Scotland, Granholm said that higher oil production is needed to prevent people from suffering from the high prices in the winter months. Due to strong demand from the economic recovery from the corona crisis, oil prices have risen to their highest levels in years, fueling inflation in many countries as energy prices rise.
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The OPEC+ alliance will increase oil production again by 400,000 barrels per day in December. Earlier, US President Joe Biden criticized OPEC+ for not doing enough against the high prices. Japan, India and China also want more oil to be pumped.
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Granholm told Bloomberg news agency that Biden may want to tap into US strategic oil supplies to tackle the high prices. According to her, the government is very concerned about the expensive fuel. Those strategic supplies amount to more than 600 million barrels stored underground for emergencies in the states of Texas and Louisiana.
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