US Calls on OPEC to Boost Oil Production as Gasoline Prices Rise

US President Joe Biden's senior advisers called on OPEC and its allies to boost production in an effort to counter soaring gasoline prices, which they say threatens the global economic recovery.

White House adviser Jake Sullivan criticized major oil producers for what he described as an insufficient increase in production as economies recover from the global COVID-19 pandemic.

“At a critical moment in the global recovery, this is simply not enough,” Sullivan said.

“We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” he added in a statement obtained by CNBC. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”

It is worth mentioning that, higher oil prices helped fuel inflation fears. Biden has made the economic recovery from the recession triggered by the coronavirus pandemic a key priority for his administration.