OPEC, allies weigh oil output amid high prices, Russian war
ABC News
The leaders of OPEC and its oil-producing allies are deciding how much oil to release to the world
NEW YORK -- The leaders of OPEC and its oil-producing allies are deciding Wednesday how much oil to release while Russia's invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.
The OPEC+ coalition of oil producers — made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia — is weighing whether to increase oil production by 400,000 barrels per day in April.
Since July, the coalition has been adding that amount of oil each month to gradually restore deep cuts to production made early in the coronavirus pandemic when demand for fuel plummeted. People have been driving and flying more as COVID-19 restrictions have eased in parts of the world, but the amount of oil on the market hasn't kept up with demand.
Both U.S. and international benchmark crude oil pushed past $110 a barrel Wednesday as investors worried about the invasion by Russia, one of the world's largest energy suppliers. While the coalition of oil-producing nations can benefit from high prices, the decision-makers will be walking a fine line, because high energy prices can backfire and push oil-consuming economies — their customers — into recession.
