Why countries don’t increase oil production to control prices

A Russian oil rig in the Arctic

Credit, Getty Images

photo caption,

Russia produces more than 10 million barrels of oil a day and helps OPEC keep prices high

The world’s biggest oil exporters met on May 5 amid calls from around the world to cut prices.

But members of the group of oil-producing countries OPEC+ – which includes Russia – are not rushing to help.

OPEC+ is a group of 23 oil-exporting countries that meet every month in Vienna to decide how much crude oil will be put on the world market.

About Abhishek Pratap

Food maven. Unapologetic travel fanatic. MCU's fan. Infuriatingly humble creator. Award-winning pop culture ninja.

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