WASHINGTON : The White House urged OPEC to boost oil production Wednesday, saying recent planned increases are insufficient as countries around the world seek to emerge from the Covid-19 pandemic.
National security adviser Jake Sullivan said in a statement that recent planned production increases by the Organization of the Petroleum Exporting Countries would “not fully offset previous production cuts" made by OPEC and its oil-producing allies during the pandemic. “At a critical moment in the global recovery, this is simply not enough," Mr.
Sullivan said. Brent crude, the international oil benchmark, fell 0.8% to $70.04 a barrel after the White House announcement.