Breitbart BY JOHN CARNEY
Oil prices climbed on Monday, pushing closer to the $100 barrel threshold after Arab oil producers agreed that oil production should not rise.
The price of Brent, the global standard, rose by nearly 3.91 percent on Monday to $97.20, the highest price since 2014. Many traders believe is very likely to push above $100 a barrel soon.
Over the weekend, ministers from Arab oil-producing nations met in Riyadh to discuss production levels. They said they had agreed that OPEC+ should stick to its current plan to add 400,000 barrels of oil per day. The Organization of of the Petroleum Exporting Countries and allies led by Russia agreed on February 2nd to support a moderate rise in output.
The Biden administration has been pressing U.S. allies in the Arab world to increase production in hopes of holding down fuel prices and perhaps tempering inflation. The price of oil is up more than 24 percent since the start of the year.
