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Oil slips as White House reportedly to call on OPEC+ to increase oil output

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CNBC reports on the matter

The report says that the White House is to call on OPEC+ to boost production in an effort to combat rising gasoline prices, and that has seen oil take a bit of a hit from $68.30 to a low of $67.04 before keeping around $67.50 currently.

This is a bit of an outsized reaction in my view because let’s face the facts here. OPEC+ isn’t going to be listening to Biden when it comes to making these decisions.

Sure, there are politics involved, including that outside of oil policy, but no way is this a straightforward plead that will be taken at face value and agreed to from the OPEC+ camp.

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