says no to Joe.

The Organization of Petroleum Exporting Countries (OPEC) does not adhere to the planned increase in oil production in November under the OPEC + agreement. This is despite US President Joe Biden’s call for increased oil production.

According to a Reuters poll on Tuesday, the group’s crude oil production increased by 220,000 barrels a day, 13 percent less than OPEC’s target.

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Under the OPEC + agreement reached earlier this year, 10 OPEC member states will increase their combined production by 254,000 barrels per month, with non-EU partners, including Russia, contributing an additional 146,000 barrels per day. Total OPEC + supply should reach a total of 400,000 barrels per day by next year, unless oil production is found in the pre-CVD-19 epidemics.

However, research shows that some OPEC members are not capable of producing more. OPEC, the main producers of Saudi Arabia and Iraq, failed to produce more oil when Angola, Gabon and Equatorial Guinea met their quotas in November. Angola’s production fell by 50,000 barrels a day, and exports fell sharply.

OPEC + is set to meet on Thursday to assess the market and determine production levels for January. Experts also say that the recently announced strategic oil reserves in the United States and five other major oil consumption countries could lead to a slowdown in production early next year, forcing the group to cut production.

Read more: Biden Oil Gambling: How to Hit the US Stock Exchange Affects the Crisis

Oil prices rose more than 3% ahead of the OPEC + meeting, offsetting some serious losses earlier this week. On Wednesday, at 9:00 GMT, US West Texas Intermediate (WTI) rose $ 2.86 or 4.3% to $ 69 a barrel.

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