Why OPEC may not have the answer to high oil prices
- Date: 27-Jun-2022
- Source: CNN
- Sector:Oil & Gas
- Country:Saudi Arabia
Why OPEC may not have the answer to high oil prices
After Russia's invasion of Ukraine, oil this year rose to a 14-year high. Prices have since eased slightly and Brent crude futures stood at around $113 a barrel as of Monday, but Western nations have been pressuring oil states to continue adding more oil to the market.
On Monday, French President Emmanuel Macron called on oil producers to ramp up output by "exceptional" volumes, the AFP news agency reported.
But when oil exporters meet on Tuesday to decide on whether to raise output, they'll have to take into account a looming global recession that threatens to slash demand for their crude and diminish their ability to control its price.
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