The OPEC+ group of major oil exporters meets Wednesday to discuss its output strategy after US President Joe Biden lobbied Saudi Arabia to boost production to tame energy-fuelled inflation.
The cartel led by Saudi Arabia and Russia has resisted US pressure to ramp up production significantly so far after Moscow's invasion of Ukraine sent oil prices soaring.
Craig Erlam, analyst at OANDA trading platform, said the OPEC+ meeting will show whether"President Biden has any influence in the cartel at all". Biden said after his meetings with Saudi officials that he was"doing all I can" to increase the oil supply.
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