OPEC+ Meeting Sparks Uncertainty and Confusion in Oil Markets.

OPEC+ may surprise the oil markets with further production cuts at their June meeting, as Saudi Arabia and other OPEC countries need higher oil prices to fund their spending needs. However, sustained high oil prices will harm net oil-importing countries like the US, leading to inflation and higher interest rates. The US has historically enforced a price range for Brent crude oil of $40-45 pb on the floor and $75-80 pb on the ceiling. Russia wants OPEC to push oil prices higher so it can undercut them with discounted oil sales. The US and its allies are working to keep oil and gas prices down, nullifying OPEC's efforts to drive prices higher.