The Real Reason OPEC+ Refused To Boost Production Further

A year ago, the oil industry was struggling to stay afloat, with OPEC producers being told they were becoming increasingly irrelevant in a world set on a renewable energy path. Fast forward to today, and analysts are talking about crude oil reaching $100 before the year ends. Now, even if OPEC and its allies wanted to help those who find the current prices too steep, they may not be able to. Earlier this year, the cartel and its allies, led by Russia, decided to return 400,000 bpd to global supply monthly until their combined output level reached…