OPEC-Plus, the consortium of global oil producers led by Saudi Arabia in partnership with Russia, agreed on Wednesday to only a modest increase in production next month.


The decision suggests the cartel is focused more on the specter of declining demand amid recession warnings than on U.S. President Biden’s plea for greater output to address lofty prices, analysts at ClearView Energy Partners LLC said. With inflation elevated, central banks are hiking interest rates rapidly. Historically, when this happens, economies tilt into recession.

Several OPEC-Plus members also have struggled to ramp up production because of aging infrastructure and political turmoil, factors that cartel officials noted in a release.

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