US urges OPEC to find output compromise

The Biden administration is urging OPEC and its allies to find a compromise solution to increase production after the cartel abandoned a meeting July 5, according to White House officials familiar with the discussions, Report informs referring to Bloomberg.

Even though the US isn’t a party to the talks, it’s “closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the Covid-19 pandemic,” a White House spokesperson said. “Administration officials have been engaged with relevant capitals to urge a compromise solution that will allow proposed production increases to move forward.”

Several days of tense talks among members of the Organization of Petroleum Exporting Countries and its allies failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t public. The group didn’t agree on a date for its next meeting, according to a statement from OPEC Secretary-General Mohammad Barkindo.