Biden administration pushes for ‘compromise solution’ in OPEC+ talks

The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

WASHINGTON, July 5 (Reuters) – The Biden administration is pushing for a “compromise solution” in stalled OPEC+ oil output talks, a White House spokesperson said on Monday.

OPEC+ ministers called off those talks on Monday after the United Arab Emirates rejected a proposed eight-month extension to curbs on output. Four OPEC+ sources told Reuters there has been no progress toward a deal. read more

“The United States is closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 pandemic,” the White House spokesperson said in a statement.

“We are not a party to these talks, but Administration officials have been engaged with relevant capitals to urge a compromise solution that will allow proposed production…

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