OPEC to Boost Oil Production: Buy These 2 Oil Stocks If They Drop

Oil-producing cartel OPEC is finally paying heed to calls from Western nations to boost its output and help cool down the overheated oil market.

Brent crude -- the global benchmark for oil prices -- jumped to a nearly 13-year high of around $139 per barrel in March as Russia's war in Ukraine threatened to further disrupt oil supply in an already tight energy market. Although Brent crude dipped below $100 per barrel by mid-April, it has since bounced back and hovered around $121 per barrel as of Friday afternoon.

So far, OPEC has barely budged. The cartel, which produces almost 40% of the world's supply of crude oil, decided to increase monthly oil production by 432,000 barrels per day in May, a slight bump up from the 400,000 barrels per day it had been adding every month since August 2021.

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Source Fool.com