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OPEC refuses to increase oil output as US announces massive release of crude reserves
Biden plans to tap US oil reserve
Marc Short, former Chief of Staff to VP Pence, shares his take on Biden’s plan to release oil from the Strategic Oil Reserve and the climate agenda outlined in the president’s latest budget.
OPEC and its allies including Russia decided on Thursday to stick with a schedule of gradual production increases as the U.S. weighs an unprecedented release from its national strategic petroleum reserves in an attempt to bring down gasoline prices.
The group, known as OPEC+, said Thursday that it would boost crude output by 432,000 barrels a day in May as it works to restore pre-pandemic levels of production, according to a statement. That's up slightly from 400,000 barrels per day in previous months.
BIDEN ADMINISTRATION TO RELEASE 1M BARRELS OF OIL DAILY FROM US RESERVES
The oil-producing nations have resisted pressure from the U.S. to pump more crude as prices soar, exacerbating already sky-high inflation. The high prices have also helped Russia to offset the pain of Western sanctions imposed over its invasion of Ukraine last month.
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