YGRN - OPEC set to go ahead with production increase but Washington wants more oil

OPEC+ will meet today for the first time since July, when the group reached a deal to raise crude production in response to "oil demand showing clear signs of improvement and OECD stocks falling." Delegates are likely to stick to their guns, pumping an extra 400K barrels a day over the next several months to restore all the cuts they made at the start of the COVID-19 pandemic. "It would hurt OPEC+'s credibility to change the terms after only one month," said Bob Yawger, director of energy futures at Mizuho. U.S. pressure: In recent weeks, the Biden administration has urged OPEC and its allies to boost oil output, in order to combat rising gasoline prices that could threaten the global economic recovery. Some see the request as hypocritical, as the country discourages drilling at home in its fight against climate change, while others see it as a stopgap measure until

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OPEC set to go ahead with production increase, but Washington wants more oil