The Biden administration is pushing for major oil producers, including the United Arab Emirates and Saudi Arabia, to increase production in an effort to bring down prices. However, during OPEC’s meeting earlier this month with Russia, the so-called OPEC+ alliance decided to boost production only gradually. Oil prices increased dramatically following the Russian invasion of Ukraine. The price of Brent crude oil, considered the global benchmark, shot above $139 a barrel on March 8 — the highest level since 2008. The UAE, and other members of the oil cartel, are sticking to their previous agreement for now. Analyst: Some OPEC members are wary of the Biden administration’s efforts to reduce prices because of the Iran nuclear deal. OPEC will meet again with Russia on Mar 31 . . .
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