OPEC is trying to cut production among its members in a bid to push up the price of oil, but it hasn't gone according to plan.
The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven't always done what the Saudis want.
And if it doesn't work, they'll cut production.
The cartel releases its monthly oil market report on Thursday.
The economies of China, the U.S. and Europe will all be affected by the cartel's move to boost energy prices.
The small increase of 100,00 barrels a day may be a sign that the cartel thinks a recession is coming.
Russia is the world's third-largest oil producer — such a decision won't be made lightly.
Part of it comes down to the oil world's "delicate equilibrium."
Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
In an attempt to moderate gas and oil prices, Biden has asked OPEC to increase production, despite it being a function of market forces.