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.
Two reasons: reluctant investors and potential regulations.
OPEC and its allies are scheduled to meet Thursday as oil prices keep rising.
Demand is picking up as more and more people resume their normal lives after vaccination.
OPEC and its allies are having trouble coming to an agreement, because individual countries see thing differently.
Ramping up production when demand is still weak could have major consequences on a relatively stable oil market.