The OPEC+ decision could help member Russia weather a looming European ban on most of Moscow’s oil, but its impact will have some limitations because countries in the alliance already can’t meet their quotas.
since Russia invaded Ukraine, helping fuel inflation that is squeezing economies worldwide.
Part of the OPEC+ cut is “on paper” because members already can’t supply enough oil to hit their allotments, said Gary Peach, oil markets analyst at energy information firm Energy Intelligence. “Only about half of that is real barrels,” he said. A cut with oil near $90, which is “a comfortable price for all producers,” might not sit well with customers, but the oil ministers are “looking into theThe recent fall in oil prices has been a boon to U.S. drivers, who saw
before costs recently started ticking up, and for Biden as his Democratic Party gears up for congressional elections next month.
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