OPEC

The meeting comes more than a month after Russia launched its invasion of Ukraine.

It comes as crude prices rally to multi-year highs on supply disruption fears and Russia’s intensifying war with Ukraine.

Money is pouring into investments in oil-related stocks, and international oil companies are raking in record profits.

Oil prices climbed more than 50% last year, with energy investors optimistic that the highly infectious omicron variant may be less severe than feared.

The omicron variant’s impact is projected to be “mild and short-lived,” OPEC’s latest monthly report said.

Agreement will “explore the co-development of a UAE-based green hydrogen hub.”

OPEC+ will convene to determine whether to stick with its plan to release more oil into the market or to restrain supply amid fears over the omicron variant.

There is little sign OPEC+ intends to change course from its current output plan of a monthly hike of 400,000 barrels per day.

His comments come as energy analysts assess the effectiveness of a U.S.-led pledge to release oil from strategic reserves to stymie surging fuel prices.

The U.S. will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat climbing gas prices.

The UAE’s energy minister Suhail al-Mazrouei on Wednesday defended OPEC and its allies’ decision not to increase oil supply to the market.

The secretary general of the oil producer group said the industry “needs to wake up … and face reality.”

Oil giant Exxon Mobil, once a revenue juggernaut, is fighting for its future.

Rick Perry on Sunday attacked the Biden administration’s energy policies, linking them to inflation.

The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.

OPEC and allied oil-producing countries have decided to stick with their plan for cautious monthly increases in oil production even as prices surge and the global economy is thirsty for fuel

U.S. President Joe Biden has squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world.

Energy analysts believe crude prices could be poised to rally toward $100 a barrel.

Lorenzo Simonelli was speaking to CNBC at the Gastech conference in Dubai, United Arab Emirates.

Oil prices moved lower after CNBC reported that the White House said that OPEC+ needs to increase production.