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OPEC Cartel, Allies Face Decision On Increasing Oil Output

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FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, USA. Members of oil producer cartel OPEC and allied countries are meeting online Thursday March 4, 2021, considering a possible increase in production now that prices have recovered to near their pre-pandemic levels. (AP Photo/Eric Gay, File)

(AP) — Top oil producing countries Saudi Arabia and Russia have a tough call to make at an online meeting of oil cartel OPEC and its allies. Should they add more production back to oil markets as demand seems to be recovering? Or is the risk too high that prices might dip again as new coronavirus variants threaten more disruption to business activity and oil consumption around the world?

Leading cartel member Saudi Arabia has urged caution. Non-member Russia has tended to favor more production. Thursday’s meeting comes as oil prices have recovered to pre-pandemic levels. But demand remains less than before the outbreak.

 

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