OPEC+ agrees to boost production in July, August
• The group said it will increase output by 648,000 barrels per day (bpd) in the months
OPEC+ pledged on Thursday to increase oil output in July and August after the added pressure on energy market due to Russia’s invasion.
OPEC+ said it will increase output by 648,000 barrels per day (bpd) in July and August, after the group implemented significant output cuts in the beginning of the pandemic.
Before cutting output in April 2020, the Organization of the Petroleum Exporting Countries and other producing nations, or OPEC+, used to produce nearly 10 million barrels per day.
Oil prices rose to $117 per barrel on Thursday.
This comes after the Biden administration has been urging the oil-producing countries to boost production amid high oil prices.
Picture Credits: Getty Images
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