Julian Lee, Columnist

Putin Won’t Let OPEC Help Bring Down Oil Prices

The producer group is being asked to pump more oil and help combat soaring inflation. Russia’s not going to let that happen.

July 31, 2022 at 1:00 AM EDT

By Julian Lee

Julian Lee is an oil strategist for Bloomberg First Word. Previously, he was a senior analyst at the Centre for Global Energy Studies.

Oil buddies.
Photographer: YURI KADOBNOV/AFP

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Oil producers from the OPEC+ group meet on Wednesday to agree to the next step in their market management. For the first time in a year, there is no clear policy for them to rubber stamp. That could make for an interesting (virtual) gathering.

The producer group has now added back all the production it agreed to cut in April 2020 — well, in theory at least — with the target for August back at the original baseline level.

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