The United States and its allies, in coordination with the IEA, last tapped emergency oil stocks in early 2022 after the Russian invasion of Ukraine, a decision that OPEC heavily criticised at the time.

Tensions at the Strait of Hormuz risk 20M bpd in crude oil flow, fueling a sharp rally in oil futures and boosting market volatility.

Analysts said OPEC might not see any urgency to shift policy, as the surge in prices was driven by a rising risk premium rather than changing market fundamentals.

OPEC oil output rose in May, a Reuters survey found, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed.

Events in eastern Europe weren’t the only factor driving oil prices higher. OPEC+ agreed to hike production by 411,000 barrels a day, upping its output—something that would ty

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Oil demand growth will remain robust over the next two and a half decades as the world population grows, OPEC Secretary General Haitham Al Ghais said on Tuesday.

OPEC’s secretary-general projects a 24% rise in global oil demand by 2050 and warns of dire consequences from chronic underinvestment in oil and gas.