OPEC+ nations on Thursday agreed to increase oil output by about 50 percent for the next two months after initially standing by a 400,000-barrel release.
Ministers announced an agreement to increase output in July and August by 648,000 barrels a day in July and August.
Gas prices in the U.S. saw another spike heading into the Memorial Day holiday, while across the Atlantic, European Union members reached an agreement on banning Russian oil imports in response to the country’s invasion of Ukraine. As recently as earlier Thursday morning, U.S. prices hit another record average high of $4.71 a gallon.
The move represents a reversal after the oil-producing nations had previously refused to budge on output, even after oil prices soared following Russia’s invasion of Ukraine. On May 5, its second most recent meeting, OPEC+ announced it would stick to the 400,000-barrel figure in the wake of the initial EU sanction announcements...
https://thehill.com/policy/energy-environment/3509324-opec-announces-50-percent-increase-in-oil-output-for-july-and-august/
