The world’s biggest oil producers have agreed to increase oil production, if only slightly, in an attempt to help ease high prices. Crude oil prices have been traded consistently at more than $100 per barrel since February, which has impacted people around the world with higher living costs, even as prices fell slightly over the past thirty days. Before the invasion of Ukraine, Russia was the world’s third-largest producer of oil, behind the US and Saudi Arabia. Many market analysts have suggested that President Vladimir Putin is intentionally sustaining high oil prices in attempts to continue funding his war on Ukraine, while punishing the parts of the world who are in strong opposition to his stance. President Joe Biden visited with Saudi officials recently in attempts to personally convince the country to ramp up oil production to relieve some financial global economic stressors. An article written by BBC reviews the results from the trip, and remarks from officials in response.
To read the full article, Click Here
