![]() But it's a delicate balance, as shown by some cartel members' response to Biden and other world leaders tapping their strategic oil reserves: a reported pause in ramping up production. The cartel most recently agreed to increase production by just 400,000 barrels per day in December, after President Joe Biden directly called for more production to ease rising prices. ![]() OPEC and other major oil-exporting countries have repeatedly agreed to only modest increases in production, despite oil consumers like the US and India pushing for higher exports, according to CNBC. In addition to domestic oil supply slowing down, oil and energy markets overseas also aren't helping matters on the supply front. Energy markets around the world are in a crunch
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