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Russian crude output is set to plunge by 1 million barrels a day and oil prices could top $100 a barrel in 2023 amid sanctions and demand from China.
By Matt Egan, CNN Business American drivers need OPEC and Russia to come to the rescue. Gasoline prices, averaging $3.12 a gallon in the United States according to AAA, are at seven-year highs just as millions of people hit the road for the July 4th holiday weekend. Some gas stations are even running out of gas due to a shortage of truck drivers. Demand for energy is so strong as the world economy reopens that prices will likely go even higher unless Saudi Arabia-led OPEC and its allies start pumping a lot more oil soon. The oil producers, known collectively as OPEC+, could announce plans to ...