Russia, a key provider of natural gas to the EU, has held back on increased deliveries to the West, keeping prices volatile and high. European natural gas and electricity prices have skyrocketed, and traders expect higher oil and other energy prices for months to come. It also shows how the cartel of oil exporters still holds a huge amount of power in global oil markets, even as the US has vastly increased production over the last decade and countries around the world begin the process of moving toward greener energy sources.īroader energy markets have been facing supply shortages as well. 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. Pepperoni, America’s most beloved pizza topping, is getting ever-more expensive to obtain amid production snags at meat plants and high demand for pizza. ![]() Energy markets around the world are in a crunch
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