OPEC+ may not be much help with high oil, gasoline prices

NEW YORK (AP) — Oil prices are high, and drivers are paying more at the pump. But the OPEC oil cartel and allied producing nations may not be much help at their meeting Thursday (June 30, 2022). The OPEC+ alliance, which includes Russia, is having trouble meeting its production quotas. So even an expected increase of 648,000 barrels per day for August may not do much to bring down prices as demand for fuel rebounds strongly from the pandemic. Experts also say countries like Saudi Arabia and the United Arab Emirates that can increase production have little incentive to do so. Plus, some oil from major producer Russia has been lost to the market as traders shun it over the war in Ukraine.