OPEC and its allies agreed to increase oil production on Thursday, endorsing a plan they announced earlier this month that failed to assuage supply concerns ahead of President Biden’s visit to Saudi Arabia. Saudi Arabia in July.
In the fifth meeting since Russia invaded Ukraine, which pushed oil prices above $100 a barrel for the first time in eight years, the Organization of the Petroleum Exporting Countries, led by Saudi Arabia and allied Moscow-led oil producers agreed to increase their collective output. Delegates added 648,000 bpd.
https://www.wsj.com/articles/opec-allies-agree-to-boost-oil-production-ahead-of-bidens-saudi-visit-11656592928?mod=rss_markets_main OPEC, Allies Agree to Increase Oil Production Before Biden’s Visit to Saudi Arabia