Oil Reaches Highest Price in Six Years Amid Low Supply, Output
District of Columbia | July 8, 2021
Oil prices climbed to a six-year high Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) and Russia continue to tamp down on global output, The Wall Street Journal reported.
An OPEC meeting was called off Monday, the WSJ reported. It was the group’s third attempt to discuss surging prices and an increase in oil consumption amid an opening global economy.
July 4th gas prices were among the highest in almost seven years at a national average of $3 a gallon, the WSJ reported. The price and demand increase is causing concern among executives and OPEC leaders that higher prices could impact the economic recovery from the pandemic and ramp up inflation.
During the pandemic, OPEC agreed to keep crude oil in the ground to limit supply, the WSJ reported. The United Arab Emirates backed out of the meeting Monday because it didn’t want to agree to a Saudi-backed deal to boost output.
Oil jumps as OPEC+ fail to reach agreement https://t.co/LXkCDRZO5t pic.twitter.com/KU4x8c16xs
(Excerpts from the Tennessee Star)