As Oil Races Toward $100, Consumers Tell OPEC+ Enough Is Enough
- The U.S., Japan and India are pressing for higher oil output
- Biden will discuss energy with leaders at G-20 this weekend
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For the past year, oil consuming countries have become increasingly anxious at crude’s resurgence: first to $50 a barrel, then $75 and now to more than $85. And when Vladimir Putin, one of the leaders of the OPEC+ cartel, warned that $100 a barrel was a distinct possibility, the alarm bells really started ringing.
Now, as quickening inflation pushes some central banks toward earlier-than-expected interest rate hikes, the U.S. India, Japan and other consuming countries are putting the strongest diplomatic pressure on the cartel in years.