The OPEC oil cartel and its allies are meeting Wednesday to decide how much crude to produce in September amid high oil prices and unstable energy supplies exacerbated by the war Russia has waged on Ukraine.
They also will be considering what effects staggering inflation and rising COVID-19 rates may have on global demand for fuel in the fall, with gasoline prices at the pump still high.
OPEC, led by Saudi Arabia, and its allies, led by Russia, curtailed production during the pandemic as oil prices and demand plummeted, and those cuts are due to expire in September. The OPEC+ coalition has been gradually adding more oil and gas to the market as economies recovered.
At its last meeting, the OPEC+ coalition decided to boost production in August by 648,000 barrels per day. Some energy experts are expecting a similar production increase for September.