OPEC Bows To Global Pressure To Increase Oil SupplyThe price of crude oil continues to rise and hit new highs on the back of significant demand post-Covid19.
OPEC has agreed to increase their oil output to
648,000 barrels a day, up from the 432,000 barrels expected.
The
50% increase will likely help moderate prices in the short term.
OPEC ministers have been
under pressure from President Biden and UK Prime Minister Boris Johnson to increase supply to allow for more significant sanctions on Russia.
Many oil producers adjusted, and now that life is returning to normal, they're struggling to keep up. The problem is exacerbated by the same
supply chain and employment issues facing many other industries, with U.S. energy producers finding it
difficult to increase production to meet demand.
