OPEC Set to Lift Oil Output and Ease Prices

OPEC Set to Lift Oil Output and Ease Prices
Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak attend a meeting of OPEC and non-OPEC members to assess compliance with production cuts and to discuss potential long-term cooperation, in Jeddah, Saudi Arabia on April 20, 2018. AMER HILABI/AFP/Getty Images
Emel Akan
Emel Akan
Reporter
|Updated:

In an effort to tackle a looming oil supply shortage, the Organization of the Petroleum Exporting Countries (OPEC) will be discussing output levels at its biannual meeting in Vienna on June 22–23. The cartel is expected to unwind its production cut agreement to calm oil prices.

New U.S. sanctions on Iran and a plunge in Venezuelan crude production have raised fears of a global supply shortage, sending prices above $80 a barrel in May. Some even speculated that oil prices could jump to and go beyond $100 per barrel next year.
Emel Akan
Emel Akan
Reporter
Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the policies of the Trump administration. Previously, she reported on the Biden administration and the first term of President Trump. Before her journalism career, she worked in investment banking at JPMorgan. She holds an MBA from Georgetown University.
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