As ministers of the Organization of Petroleum Exporting Countries and its partners (Opec+) ministers prepare to review global oil markets, the group is showing no signs of cooling a rally that brought prices near $100 a barrel.
Crude has soared more than 20% in three months as alliance leaders Saudi Arabia and Russia squeeze supplies while world fuel demand hits records. The surge threatens to undermine a fragile global economy, harm consumers with another inflationary spike and derail central banks' plans to wrap up interest-rate hikes.
Yet delegates from the (Opec+) don't expect Wednesday's meeting of the Joint Ministerial Monitoring Committee to recommend any policy changes. United Arab Emirates Energy Minister Suhail al Mazrouei said on Monday that Opec+ has "the right policy."
High prices are bringing a windfall for Saudi Crown Prince Mohammed bin Salman as his kingdom splashes out on everything from futuristic cities and international telecommunications deals to top-flight footballers and golfers. They are also a vital source of extra revenue for President Vladimir Putin as his country wages war on Ukraine.
"The oil market is getting squeezed and getting squeezed hard-but there's more tightness to come." Bob McNally, president of Rapidan Energy Group and a former White House official, told Bloomberg television. "Everything depends really on what Saudi Arabia does."
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