UPDATE 1 MARCH 2, 2022:
NEW YORK (AP) — The leaders of OPEC and its oil-producing allies are sticking with their plan to gradually increase oil production 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 chose to increase oil production by 400,000 barrels per day in April 2022. Since July 2021, the coalition made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia has been adding that amount of oil each month to gradually restore deep cuts to production made early in the coronavirus pandemic.
MARCH 2, 2022:
NEW YORK (AP) — The leaders of OPEC and its oil-producing allies are deciding how much oil to release to the world. They’re meeting Wednesday (March 2, 2022) as Russia’s invasion of Ukraine has rattled markets, reshaped alliances between nations, killed civilians and sent the price of oil skyrocketing. The OPEC+ coalition is deciding whether to increase oil production by 400,000 barrels per day in April. The coalition of oil-producing nations led by OPEC member Saudi Arabia and non-cartel member Russia can benefit from high prices. But the decision-makers will be walking a fine line because high energy prices can backfire and push oil-consuming economies into recession.
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