The Organization of the Petroleum Exporting Countries and its allies led by Russia are under growing political pressure from the United States, Japan and other nations to loosen the taps more aggressively and pump more crude to cool red-hot prices. But analysts say the grouping, known as OPEC+, is unlikely to oblige them when it meets Thursday to decide output policy.
In recent months, tight crude supply has collided with strong demand from economies recovering from the coronavirus pandemic.
In the US, that has translated into higher oil and gasoline prices and home heating costs for consumers, creating a potential political headache for President Joe Biden, who is already under pressure to push his domestic spending agenda – which includes green energy plans – through Congress.
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