The Biden administration’s push for a coordinated release of oil stockpiles serves as a warning to the OPEC+ production group that it should pump more oil to address concerns of high fuel prices in powerhouse economies like the United States, China and others.
For weeks, the White House and administration officials had urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia to accelerate production increases to satisfy demand as the global economy rebounds from the depths of the pandemic.
After those pleas were rebuffed, the Biden administration hatched a different plan to keep pressuring OPEC+ ahead of its Dec. 2 meeting on oil output policy.
