Groundhog Day for OPEC+

OPEC+ is once again grappling with familiar challenges: some of its members are eager to increase crude oil production after a prolonged period of restraint. Historically, OPEC has maintained that its primary mission is to balance global supply and demand, not to directly influence prices. However, the rise of U.S. shale oil a few years ago forced OPEC to seek additional support to fulfill this—or any other—primary mission, leading to the formation of OPEC+. With Saudi Arabia and Russia at the forefront, OPEC+ was able to maintain significant…