OPEC and its allies in oil production have decided to maintain their existing output plans, despite multi-year highs crude prices and U.S. demands to cool the market.

The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.

Recently, oil prices reached their highest level since 2014. Crude importing countries feel the pinch.

American President Joe Biden directly blamed the reluctance to increase oil production by OPEC+ for the dramatic rise in energy costs in the U.S.A and elsewhere around the world.

“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said Sunday at the G-20 meeting in Rome, Italy.

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