Commentary: OPEC’s move to raise oil prices is all about Russia
On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an extraordinarily harmful step that will push oil prices up — when the global economy is in a precarious state amid persistent inflation pressures.
Americans may first notice the effects at the gas pump, especially Californians already affected by some refinery shutdowns. Gasoline prices
