NewsNational

Actions

OPEC, allies weigh oil output amid high prices, Russian war

Oil drilling New Mexico
Posted at 5:44 AM, Mar 02, 2022
and last updated 2022-03-02 05:44:58-05

NEW YORK (AP) — The leaders of OPEC and its oil-producing allies are deciding how much oil to put to release to the world.

They're meeting Wednesday as Russia’s invasion of Ukraine has rattled markets, reshaped alliances between nations, killed civilians and sent the price of oil skyrocketing.

The OPEC+ coalition is deciding whether to increase oil production by 400,000 barrels per day in April.

The coalition of oil-producing nations led by OPEC member Saudi Arabia and non-cartel member Russia can benefit from high prices.

But the decision-makers will be walking a fine line because high energy prices can backfire and push oil-consuming economies into recession.