The small increase of 100,00 barrels a day may be a sign that the cartel thinks a recession is coming.
Why? It's called the crack spread.
Shortages of labor and materials are making it hard to drill and maintain wells.
The discounted oil is cheap even once the risk of violating sanctions is factored in.
Gas stations are usually separate from the big oil conglomerates whose names they carry. Owners are often individuals with some control over what you pay at their pumps — but not much.
Energy investors have profited as prices climbed. But companies hesitate to boost production, even though costs weigh on consumers.
"Crack spreads" are higher than ever. But investors aren't interested in dumping money into fossil fuel expansion.
"Gasoline prices and diesel prices are going to be very high through the summer, potentially higher than they are today," says Bloomberg's Javier Blas.
Outsize profits and stock buybacks are inviting more scrutiny from policymakers and environmental advocates.
"The harsh reality for U.S. oil markets is that there is no switch that anyone can flip to suddenly turn on oil production overnight," one expert told us.