Get ready for the highest US gas prices since 2014 ...Middle East

The pandemic has seriously strained relationships in the Organization of Petroleum Exporting Countries (OPEC), the powerful cartel that controls most of the global oil market.Since early 2020, the group has tried to minimize damage to its members’ economies from a collapse in oil demand by instituting steep cuts in production, in an effort to keep the per-barrel price afloat. Until recently, the plan mostly worked: Oil was valuable enough to make drilling profitable, but not quite valuable enough to benefit OPEC’s nemesis, the US, where production costs are higher, and gasoline prices are rising.https://datawrapper.dwcdn.net/kuD4v/1/Read the rest of this story on qz.com. Become a member to g

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