OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, a Reuters report said yesterday. The price of international benchmark Brent crude has risen 35 percent this year towards US$70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+. Last week, U.S. President Joe Biden’s administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery. OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out. Reuters quoted sources as saying that the latest data from OPEC and from the International Energy Agency (IEA) indicated there was no need for extra oil. Calling for more can be seen as at odds with the United States’ efforts to lead efforts to fight climate change and its action to discourage increased domestic oil drilling. But Biden’s national security adviser Jake Sullivan criticized big drilling nations, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of the global COVID-19 pandemic. “At a critical moment in the global recovery, this is simply not enough,” Sullivan said. The statement revived memories of how the previous U.S. administration dealt with OPEC when former President Donald Trump threatened to withdraw military support from Saudi Arabia if it did not boost supply. OPEC+ is scheduled to hold another meeting Sept. 1 to review policy. (SD-Agencies) | 