US gasoline prices remain high well after the summer driving season. Domestic oil production isn't coming back fast as investors remain wary. And now President Joe Biden has struck out asking OPEC to put more oil supply on the market to help ease prices.
OPEC+ decided Nov. 4 to stick to its original plan of increasing its production quotas by 400,000 b/d in December.
Senior editor Meghan Gordon spoke with Herman Wang, managing editor for OPEC and Middle East news, about the meeting's outcome and its implications for global oil supply and demand heading into next year. They spoke about US oil diplomacy, the possibility of a Strategic Petroleum Reserve release and the outlook for OPEC+ spare capacity.
Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.
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OPEC+ sticks with 400,000 b/d oil output hike for December, despite US pleas