Prime Minister Boris Johnson has urged the world’s largest oil cartel to produce more oil to drive down prices and alleviate the cost of living crisis,
He told Parliament,: “There is no doubt that we are going to need a lot more OPEC+ oil.”
The Organisation of Petroleum Exporting Countries (OPEC) consists of some of the world’s largest oil producers including Saudi Arabia, Iraq, Iran and the United Arab Emirates.
OPEC+ is the loose wider grouping of oil producing countries including allies such as Russia.
The group has committed only to modest pledges in raising oil output this year, and has persistently missed these targets, amid capacity issues and fears of any potential supply glut leaving OPEC exposed to lower oil prices.
Last week, it opted against discussions on further raising production demands for September at its two-day gathering last week.
This has contributed to tightening markets in recent months, which has kept oil prices elevated at over $110 per barrel on both major benchmarks.
The rising prices for oil have been reflected at UK forecourts, with petrol prices closing in on an eye-watering £2 per litre following the latest record surge.
The historic fuel costs have also contributed to a painful spike in inflation, which has risen to 9.1 per cent.
Meanwhile, US President Joe Biden is expected make a three-stop trip to the Middle East in mid-July which includes a visit to Saudi Arabia.
Commenting on the upcoming visit, Johnson said: “The UK has … strong and productive relations with Saudi Arabia. We need to make sure the whole of the West does as well.”
The White House is also desperate to drive down energy prices ahead of key mid-terms in November, with the Democrats holding only slim majorities in both the Senate and House of Representatives.
Saudi Arabia’s official data indicates that it can produce as much as 12m barrels a day.
This is around 1.5m a day more than current levels.
