In July and August, the OPEC oil cartel and its allies, including Russia, will increase output by 648,000 barrels per day.
In July and August, the OPEC oil cartel and its allies, including Russia, will increase output by 648,000 barrels per day, providing some relief to a global economy beset by rising energy prices and inflation.
The move on Thursday accelerates the OPEC+ alliance’s restoration of cuts made during the worst of the economic slump. The firm had been gradually restoring production cuts from 2020 by adding 432,000 barrels per day per month.
