The group fended off pressure from the U.S. to move faster in restoring production cuts made during the pandemic and potentially ease costs at the pump for American drivers. Prices have recovered from a slump to just above $62 for New York Mercantile Exchange crude on Aug. 20. Adding too much oil to the market could cause prices to slip, as they briefly did in August, while holding back production costs members money for their state budgets. The Biden administration has urged OPEC to increase production faster, saying that higher gasoline costs risk harming the ongoing global recovery. The cost of crude oil accounts for about half the price of gasoline at the pump.

Source: CBC News September 01, 2021 18:17 UTC