Caution from OPEC+ producers to keep oil prices high
FRANKFURT, Germany (AP) — Major oil-producing countries are adding just a bit more oil to the global economy. The decision Wednesday is likely to support prices that are near their highest level in seven years.
The 23-member OPEC+ alliance is sticking with its road map and is adding 400,000 barrels per day in March. The oil producers are gradually restoring cuts they made when the pandemic was at its worst.
Fears of a possible Russian invasion of Ukraine are adding to supply concerns because Russia is a major oil producer and could be hit with sanctions by the U.S. and Europe.
One result: Drivers will pay more for gas.