OPEC+ announced that members of the oil cartel agreed to a larger-than-expected hike in output, signaling a potential thaw in relations between the U.S. and Saudi Arabia
The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, Thursday, March 3, 2022. | Lisa Leutner/AP PhotoOPEC+ announced Thursday that members of the oil cartel agreed to a larger-than-expected hike in output, signaling a potential thaw in relations between the U.S.
after OPEC+’s announcement. “We recognize the role of Saudi Arabia as the chair of OPEC+ and its largest producer in achieving this consensus amongst the group members.”by 648,000 barrels a day in July and August rather thanof Saudi Arabia and other Middle Eastern countries. Rising demand for fuel in Shanghai after the Chinese government removed lockdown rules to stem the spread of Covid-19 factored into the decision, as did more refineries returning to production after undergoing maintenance, OPEC said inbecause of the murder of journalist Jamal Khashoggi. Biden himself has up to now avoided meeting with Saudi Arabia’s Saudi Crown Prince Mohammed bin Salman, who has been linked to Khashoggi’s murder, and called the country a “pariah.
Prices for U.S. benchmark crude WTI were at $115 a barrel Tuesday, up from $76 a the start of the year. Fuel demand from more people returning to work, school and vacation travel has outstripped the output from refineries that had slowed or stopped production completely during the pandemic. Russia’s invasion of Ukraine also added pressure to prices as traders shunned Russian crude.meeting, which has.
“We would suggest, more fundamentally, that OPEC may be looking out for its own interests: high oil prices could bring demand destruction and push import-reliant economies into recession,” the analyst note read.
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