August 3, 2022.
The OPEC+ group of major oil exporters meets Wednesday to discuss its output strategy after us president Joe Biden lobbied Saudi Arabia to boost production to tame energy-fuelled inflation.
The cartel led by Saudi Arabia and Russia has resisted us pressure to ramp up production significantly so far after Moscow’s invasion of Ukraine sent oil prices soaring.
After cutting production in 2020 in response to falling prices during the COVID pandemic, OPEC+ began to modestly raise production last year and has renewed the policy every month.
Its output is supposed to have returned to pre-covid levels — but only on paper as members of the 23-nation group have struggled to meet their quotas.
