Biden officials urge OPEC+ members to find output compromise

Quantum Commodity Intelligence – The Biden administration is urging OPEC and its allies to find a compromise solution to increase production after the producer group abandoned its meeting Monday, reporting Bloomberg, sourcing White House officials familiar with the discussions.

Even though the US isn't a party to the talks, it's "closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the Covid-19 pandemic," a White House spokesperson said late Monday.

"Administration officials have been engaged with relevant capitals to urge a compromise solution that will allow proposed production increases to move forward."

Gasoline prices have become a political issue in the US with motorists paying the highest July 4 prices in seven years, with national average retail prices comfortably above $3 per gallon.

Front-month September Brent futures were trading at $77.51/barrel early Tuesday, compared to Monday's settle of $77.16/b.

At the same time August WTI was trading $76.73/b, up from Monday's settle of $75.16/b.