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The White House believes the Organization of Petroleum Exporting Countries has room to raise oil production, should an upcoming visit by President Joe Biden to the Middle East yield any agreements.
U.K. Prime Minister Boris Johnson urged Saudi Arabia to ramp up oil production, seeking to cool record fuel prices in an echo of comments last week from President Joe Biden.
Norway approved higher production from key natural-gas fields in an effort to maintain record exports as Europe reels from cuts in Russian supply.
It may not be quite throwing caution to the winds, but the prospect of hefty profits and supply that may not stretch to meet consumer demand is enticing U.S. refiners to run at a 21-month high, testing equipment limits to sustain high rates without breakdowns.
India slapped taxes on fuel exports and local crude oil production to tap windfall gains from surging global prices.