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2021–present global energy crisis

The record-high energy prices were driven by a global surge in demand as the world quit the economic recession caused by COVID-19, particularly due to strong energy demand in Asia. In August 2021, U.S. President Joe Biden 's national security adviser Jake Sullivan released a statement calling on OPEC+ to boost oil production to "offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022." On 28 September 2021, Sullivan met in Saudi Arabia with Saudi Crown Prince Mohammed bin Salman to discuss the high oil prices. The price of oil was about US$80 by October 2021, the highest since 2014. President Joe Biden and U.S. Energy Secretary Jennifer Granholm blamed the OPEC+ for rising oil and gas prices.

Russia's invasion of Ukraine in February 2022 has altered the global oil trade. EU leaders tried to ban the majority of Russian crude imports, but even prior to the official action imports to Northwest Europe were down. More Russian oil is now sold outside of Europe, more specifically to India and China.

In October 2022, key OPEC+ ministers agreed to oil production cuts of 2 million barrels per day, the first production cut since 2020. This led to renewed interest in the passage of NOPEC.