The White House has urged oil producers to stem rising fuel prices by stepping up output with inflation in the United States growing at its fastest annual pace in 13 years.
Production increases agreed by the Opec cartel and its allies were “simply not enough” and risked the global economic recovery from the pandemic, the Biden administration said yesterday.
The intervention by Jake Sullivan, Biden’s national security adviser, lifted Brent crude, the international benchmark price, by 1.2 cent, or 81 cents, to $71.44 per barrel in New York last night.
“While Opec+ recently agreed to production increases, these will not fully offset previous cuts imposed during the pandemic until well into 2022,” he said.
The latest official data underlined the sustained rise in consumer prices
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