Gas prices in California hit record highs once again, sending the national average up for the second straight week to over $3.80 per gallon.
Saudi Arabia is seeking to raise oil prices at a crucial meeting in Vienna in a move set to anger the US and help Russia. Riyadh, Moscow and other producers are poised to announce deep cuts at a meeting of the Opec+ cartel on Wednesday, according to people with knowledge of the discussions. The size of the cut is still to be agreed but Saudi Arabia and Russia are pushing for reductions of 1mn-2mn barrels a day or more, although these could be phased in over several months.
As OPEC+ gathers in Vienna, Saudi Arabia should not give in to Putin’s demands to cut oil production.