Oil prices have risen - more than 40% this year - as the boost in production remains smaller than what the U.S. The plan is to make those regular increases to restore cuts made in 2020 during the worst of the pandemic recession. Those higher prices will worsen global inflation, eating away at people’s ability to spend money that would otherwise support the economic recovery.Īt an online meeting, OPEC+ stuck with its road map to gradually open the oil taps, agreeing to add 432,000 barrels per day in June.
The cautious approach from the OPEC+ alliance - which includes non-member Russia - will exacerbate a global energy crunch, with prices expected to rise further for oil and the gasoline, diesel and aviation fuel made from it. LONDON (AP) - OPEC and allied oil-producing countries decided Thursday to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.
