According to the Associated Press, OPEP leaders will decide Wednesday how much oil to produce while the Russian invasion of Ukraine continues to wreak havoc on the global oil market.
OPEP leaders cut oil production during the COVID-19 pandemic and have been increasing production by 400,000 barrels each month since July as fuel demands return to pre-pandemic levels. However, this hasn’t been enough to keep up with demand, and the Russian invasion has pushed crude oil prices even higher.
13:30PM - USA Press Secretary J. Psaki reveals the White House is not closed off to imposing sanctions to Russia’s energetic industry. Oil and gas prices worldwide could soar and heavily hit global markets. "We’re considering it. It’s very much on the table, but we need to weigh what all of the impacts will be," she confessed to MSNBC in a recent interview.
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