Energy-consuming nations consider response if OPEC doesn’t boost oil output

(Bloomberg) --The U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch, a senior U.S. official told reporters in Rome.

The leaders will also discuss how they might respond if the 23-nation cartel that includes Russia doesn’t take action, the official said, although he wouldn’t speculate on what those options might be.

More broadly, an intense campaign is being waged to persuade OPEC+ to speed up its output increases, Bloomberg reported earlier, citing multiple diplomats and industry insiders involved in the contacts.

Saudi Arabia’s King Salman bin Abdulaziz addressed the Group of 20 summit in Rome virtually on Friday, saying his government seeks “balance” in energy markets.

“The Kingdom will continue its leading role in economic and health upturn and recovery from the global crises, and in finding a balance to achieve security and stability in energy markets,” he said, according to Saudi press agency.

The cartel meets virtually on Nov. 4 to review policy.