Wall Street Journal link is here (may be gated) .
In brief from the article:
- President Biden has repeatedly called on Persian Gulf producers to pump more oil to reduce gasoline prices that, for Americans, are about twice as high as they were earlier in the pandemic. Those calls have grown more urgent as oil prices have risen toward $100 a barrel for the first time in nearly eight years, and threaten to go higher amid a Russian troop buildup along the Ukrainian border.
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Instead, the Saudis have said they won’t pump more than they agreed to last year as part of a deal between the Organization of the Petroleum Exporting Countries and Russia, an alliance called OPEC+. That pact allows for production increases of 400,000 barrels a day each month, but it has done little to stem the rise in oil prices, and the Saudis have pumped less than their share, according to the International Energy Agency.
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The next OPEC+ meeting is on March 2:
- 26th OPEC and non-OPEC Ministerial Meeting
This article was originally published by Forexlive.com. Read the original article here.