White House urges OPEC members to find output compromise – Bloomberg

US President Joe Biden’s administration urged OPEC and its allies (OPEC+) to reach a compromise to increase production after the cartel postponed a meeting on Monday, Bloomberg reports, citing White House officials familiar with the discussions.

The calling off the talks implies that there will not be an increase in the oil output.

Key quotes

Even though the U.S. 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.”

“Administration officials have been engaged with relevant capitals to urge a compromise solution that will allow proposed production increases to move forward.”

“As the U.S. economy recovers from the Covid-19 pandemic, it’s critical that energy supplies keep pace, which requires stable oil market conditions.”