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US Instructs Producers to Increase Output

Read Time: 1 min

Oil fell for a second day as one of the top energy diplomats in the US urged producers to hike output.

West Texas Intermediate declined 1.3 percent, falling for a second session. The global economy is facing an energy crisis, Amos Hochstein, the US State Department’s senior adviser for energy security, said Thursday on a panel at a conference. Energy producers who can boost output should do so, he added.

“We found ourselves in an energy crisis,” Hochstein said. “Producers should ensure that global oil markets and gas markets are balanced.”

Crude has pulled back in recent days as a recent rally above $85 a barrel ran out of steam. Iran and the European Union agreed Wednesday to restart negotiations on reviving the 2015 nuclear accord, with a precise date for talks to be announced in the next week.

At present, Iranian crude exports are subject to US sanctions and a deal could eventually clear the way for their revival.

Prices have been lifted by rising demand as pandemic curbs ease and amid a broader gas-centered energy crunch. At the same time, the Organization of Petroleum Exporting Countries and its allies have been restoring supply at only a modest pace.

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