OPEC and its allies will meet today in one of the most consequential meetings since the pandemic began. Russia’s unprovoked invasion of Ukraine has caused the price of oil to surge to nearly $109 a barrel this morning. Just by tweaking production numbers, OPEC can usually swing oil prices.
But at today’s meeting, analysts expect the group to essentially stay out of the fray.
Boeing has suspended maintenance and technical support for Russian airlines, and energy firm Exxon Mobil says it will exit Russia, joining a growing list of Western companies spurning Moscow over its invasion of Ukraine.
Apple has stopped sales of iPhones and other products in Russia, while Ford and Harley Davidson are suspending operations in the country.
