OPEC may cancel output increase if Biden meddles The situation remains in flux and the plans could change but the U.S. is considering a release of more than 35 million barrels over time, according to two of the people. The pending announcement was described by people who requested anonymity prior to official statements.
The move would pit the countries against the OPEC+ coalition -- led by Saudi Arabia and Russia -- for control over world oil markets and could prompt OPEC and its allies to re-evaluate plans for reviving oil supplies.
International Energy Forum Secretary-General Joseph McMonigle said in a statement Monday that OPEC+ may change its plan for raising oil output if consuming nations sell petroleum reserves or the coronavirus pandemic worsens.