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OPEC+ sticks with planned oil production hike as supply concerns weigh on energy markets

CNBC · Sam Meredith · last updated

OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, concluded a meeting via videoconference by deciding to stay the course with its production policy.

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Related Knowledge Center: Energy security and pricing

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The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

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