With barrels of oil now being traded at $95 per barrel by the Benchmark Crude, the US has tried to negotiate with Saudi Arabia to pump more crude oil. Saudi Arabia however has made it known about their intention to stick to the agreement in place through the Organization of the Petroleum Exporting Countries (OPEC+), an alliance led by Saudi Arabia and Russia. What the alliance intends to do is gradually increase oil production as the world recovers from COVID. However, to some countries, especially the United States, this isn't quite fast enough due to geopolitical events and market volatility. Supply being withheld by the OPEC+ has caused gas prices to rise to about $3.50 a galloon, about a 40% increase from $2.50 last year.
Read more here: https://abcnews.go.com/International/wireStory/saudi-arabia-lid-oil-output-us-gas-prices-82958855
Written by: Abbey Scuito
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