Ah, here they go again. OPEC still does as if what they do has any relevance in oil markets. If OPEC was that powerful, how do they need to cooperate with other oil producers in OPEC+? Looks more like a desperation measure. Shale has permanently defanged OPEC. I know, Biden does not like shale but in the grand scheme of things, this won’t matter much. What Biden wants will soon be immaterial and shale stands ready to boost oil supply in no time if prices go up even more. Just stop pretending.
OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.