Oil producers from OPEC and their allies have announced they are sticking with plans for a gradual rise in output. This comes despite calls for an increase from the US and other oil-consuming nations.

The oil producers saw demand evaporate in the early days of the pandemic. So, they cut production.

But, over the past several months, they've been adding to the supply by 400 thousand barrels a day. And they've agreed to add that amount again next month.

The price of crude has risen to its highest level since 2014. The threat of Russian troops on the border with Ukraine has added to the pressure.

Consumers have ended up paying more at the pump.
But higher prices have also driven up the cost of transporting goods.

And that's fueled inflation that has risen to its highest point in decades.