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As oil races toward $100, India, US and Japan tell OPEC+ enough is enough

Behind closed doors, an intense campaign is being waged to persuade OPEC+ to speed up its output increases, according to multiple diplomats and industry insiders

OPEC
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So far, Saudi Arabia and others have refused to go quicker, arguing the monthly 400,000 barrel-a-day additions are enough to satisfy the appetite for oil in a global economy still nursing the wounds of the pandemic (Photo: Bloomberg)

Javier Blas and Debjit Chakraborty | Bloomberg
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.

Behind closed doors, an intense campaign is being waged to persuade OPEC+ to speed up

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First Published: Oct 30 2021 | 8:17 AM IST

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