OPEC+ Shows No Sign of Easing Oil Squeeze as Ministers Meet
- Delegates don’t anticipate policy changes at committee meeting
- Saudis, Russia are applying additional squeeze on oil supplies
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As OPEC+ ministers prepare to review global oil markets, the group is showing no signs of cooling a rally that brought prices near $100 a barrel.
Crude has soared more than 20% in three months as alliance leaders Saudi Arabia and Russia squeeze supplies while world fuel demand hits records. The surge threatens to undermine a fragile global economy, harm consumers with another inflationary spike and derail central banks’ plans to wrap up interest-rate hikes.