How Weak Dollar Affects OPEC

When oil price spikes have occurred in the past, the Organization of the Petroleum Exporting Countries has quickly increased supply, taking advantage of the high U.S. dollar selling price, but also thereby eventually driving down the oil price, making Americans and everyone else who uses oil happy.

But now, even with oil prices nearing a record high, opec is not stepping up production. Why?

The answer partly has to do with the weakening U.S. dollar. Today, even when the price-per-barrel goes up for Americans, opec makes less of a killing than it has in the past because the real value of the dollar is falling and, thus, so are opec
TheTrumpet