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OPEC considers pausing oil production increase after Biden releases more crude
Biden announces release of oil from Strategic Petroleum Reserve
Navellier & Associates founder Louis Navellier warns the plan is not a long-term solution to addressing soaring gas prices.
Top oil producers Saudi Arabia and Russia are considering pausing their planned efforts to ramp up oil production, according to The Wall Street Journal, after the U.S. and other energy-consuming countries said they would tap their national strategic petroleum reserves in an attempt to bring down gasoline prices.
The Journal reported on Wednesday that leaders in Riyadh and Moscow have led the 14-member OPEC, along with other oil-producing countries, in coordinating output closely. Other members of the cartel – such as the United Arab Emirates – are not sure whether such a pause is necessary, according to the Journal, citing people familiar with the matter.
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The move comes after President Biden on Tuesday morning ordered a record-setting 50 million barrels of oil released from the nation's Strategic Petroleum Reserve in hopes of lowering gas prices, a decision made in coordination with other countries including India, the United Kingdom and China.