The OPEC oil cartel and allied producing countries have confirmed plans to up crude production. Recovering oil prices have meant higher costs for motorists in the US.
The OPEC oil cartel and allied producing countries have confirmed their plans to return 2.1 million barrels per day of oil output, balancing fears that continuing COVID-19 outbreaks in some countries will sap demand against rising demand from recovering economies around the globe.
OPEC ups crude production as economies recover
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In this May 20, 2021 photo, a fuel truck driver checks the gasoline tank level at a United Oil gas station in Sunset Blvd., in Los Angeles. The average U.S. price of regular-grade gasoline jumped 8 cents over the past two weeks, to $3.10 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday, May 23, 2021 that the increase is attributed to supply disruption from the 10-day shutdown of the Colonial Pipeline following a cyberattack, and a rise in prices for corn, a key ingredient in corn-based ethanol that must be blended by refiners into gasoline. (AP Photo/Damian Dovarganes)