Nov. 4 (UPI) — The world’s top oil-producing nations and their allies resisted pressure from the United States on Thursday by announcing that they will not ramp up production, even in the face of the rising costs of crude and gasoline.
OPEC and non-member allies, collectively known as OPEC+, said in their announcement that they will stick to a previous plan to produce 400,000 barrels of oil per day in December. That figure was agreed upon by the cartel during the summer.
“The decision was made previously to increase production by 400,000 every month, and I underscore every month, until the end of 2022,” Russian Energy Minister Alexander Novak said, according to CNBC.
Russia leads the non-member allies to OPEC and is one of the cartel’s key decision-making partners.
“The decision was reiterated to maintain current parameters which were decided on earlier,” Novak added.
U.S. crude oil prices fell after OPEC+ agreed in September to extend the summer plan through December to help meet increasing demand. President Joe Biden called on the cartel to increase output to help control rising gas prices.
National security adviser Jake Sullivan said at the time that 400,000 barrels per day is “simply not enough.”
“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work … is not right,” Biden told reporters early this week at the G20 summit in Rome.
A month ago, the cost of gas in the United States rose to a seven-year high. On Thursday, the national average was $3.42 per gallon, according to AAA. In California, the average is $4.61, the highest in the nation.