Citing vaccination rollouts and various stimulus packages globally, the powerful oil cartel and its allies made a surprise announcement that it would gradually boost oil production over three months.
Oil prices have risen remarkably over the last few months. Now the powerful oil cartel is keeping a lid on supply in an attempt to push crude prices even higher.
He was Saudi Arabia's oil minister for nearly 25 years, rising to fame for engineering the 1973 oil embargo and negotiating Saudi control of Aramco from U.S. fuel giants.
The group had been expected to delay production increases for several months, given the ongoing impact of the coronavirus pandemic. But after days of deliberations it agreed on a small increase.
The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.
