U.S. Calls On OPEC And Its Allies To Pump More Oil

• S. President Joe Biden's administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery.
• The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, had implemented a record output cut of 10 million barrels per day, about 10% of world demand, as global energy demand slumped during the pandemic. But it has gradually raised output since, with the cut eased to about 5.8 million bpd as of July. 
• OPEC+ agreed in July to boost output by 400,000 bpd a month starting in August until the rest of the 5.8 million bpd cut is phased out. OPEC+ is scheduled to hold another meeting on Sept. 1 to review the situation. 
• Biden later told reporters on Wednesday that the United States had made clear to OPEC that "the production cuts made during the pandemic should be reversed" as the global economy recovers "in order to lower prices for consumers."

(Reuters)