Bring down oil prices, OPEC told

bring down oil prices opec told

Sumary of Bring down oil prices, OPEC told:

  • The head of the IEA, which unites oil consuming nations, also took aim at Russia over gas.
  • OPEC nations and their allies, including Russia, agreed in July to slowly increase their oil output each month toward pre-pandemic levels as the world economy recovers from the Covid-19 pandemic.
  • They have declined to move faster despite a jump in prices to over $80 per barrel, a level that many analysts worry could undermine the global economic recovery.
  • } The United States and a handful of other oil consuming nations announced on Tuesday releases of supplies from their strategic petroleum reserves.
  • “It also puts additional pressure on inflation in a period where economic recovery remains uneven and still faces a number of risks,” he added.

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