The pandemic has worked out far better for the group of oil producers known as OPEC Plus than might have been expected a year ago. Prices have been gliding higher since November, up 85 percent to about $75 a barrel for Brent crude, as global economies begin to consume more oil while OPEC Plus keeps a tight leash on output. As the oil producers prepare for their monthly meeting on Thursday, there is growing talk that the price could eventually hit $100 for the first time since 2014. The Organization of the Petroleum Exporting Countries and its allies are holding some high cards at the moment. More and possibly explosive growth in demand is expected in the coming months as economies recover from the coronavirus pandemic.

Source: International New York Times June 29, 2021 08:37 UTC