OPEC nations barely increased production last month amid chronic struggles among members and renewed unrest in Libya, again illustrating the group’s inability to calm a booming market.The Organization of Petroleum Exporting Countries and its partners are expected to rubber-stamp the revival of more halted supplies when they gather online on Wednesday. But a Bloomberg survey showed they struggled severely in December, in part due to depressed investment.Oil prices soared to a seven-year high above $90 a barrel last month, stirring expectations of a return to triple-digits, as supplies from OPEC+ and elsewhere failed to keep up with the vigorous recovery in demand from the pandemic. The rally is fanning the wave of inflation that’s frustrating central banks and inflicting a cost-of-living crisis on millions.
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