Top oil producers Saudi Arabia and Russia are considering a move to pause their planned oil production increases, the Wall Street Journal reported on Wednesday, citing people familiar with the discussions.
Other members of the OPEC+ group, including the United Arab Emirates, aren’t convinced a pause is necessary, the report added.
The Biden administration announced Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.