The Organization of the Petroleum Exporting Countries (OPEC) and its allies reportedly plan to reject a petition from the Biden administration to pump more oil into the world market.
OPEC+, a coalition of oil-rich countries led by Russia and Saudi Arabia, believes that there is no need for the cartel to bump up its schedule for planned increases in oil output, according to Reuters. Biden requested last week that OPEC+ countries increase output to aid the global economic recovery.
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