Officials with the Organization of Petroleum Exporting Countries (OPEC), Russia, and other oil-producing nations decided Nov. 4 not to raise oil production substantially, in a rebuff to President Joe Biden’s request last week. The decision not to increase foreign production may ease some concerns at U.S. ports, like Los Angeles and Long Beach, that are already dealing with record numbers of container cargo ships. Any additional oil tankers flooding the ports could further the supply chain crisis, according to the U.S. Oil and Gas Association. “Clearly there will be a significant increase in tanker traffic at all ports—and even an additional handful of ships at the crowded SoCal ports will add to the huge backlog,” association spokesman Tim Stewart told The Epoch Times via email on Nov. 2. Biden asked oil-producing nations last week to increase production to ease the price of crude. OPEC members decided instead to stick to …
Oil Exporters Stick to Modest Production Increase, Could Ease Concerns at LA Ports
November 4, 2021
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