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U.S. calls on OPEC to increase oil production

U.S. calls on OPEC to increase oil production

As part of the briefing, White House press secretary Jen Psaki noted that the United States would continue to push OPEC, an organization of oil-exporting nations, toward higher oil production levels. Earlier, U.S. President Joe Biden blamed OPEC countries, including Russia, for rising fuel prices. He believes that this occurred due to their refusal to increase the volume of oil production, driving up the inflation rate in the country. 

In addition, the White House press secretary also mentioned the pressure on oil companies "that have made record profits." However, how this pressure would be applied remains unknown. The most likely scenario seems to be commodity intervention, i.e., the mass release of fuel to the market for knocking down the price and excessive demand. Most likely, this resource will be taken from the country's strategic reserves. 

Bloomberg reports that India, Japan, and South Korea may join the commodity intervention as the U.S. delegation recently negotiated the issue.

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