OPEC+ Endorses Plan to Increase Oil Production by 648,000 B/D in August, Sources Say -- WSJ
By Summer Said in Cairo and Benoit Faucon in London
OPEC and its allies agreed to boost oil production on Thursday,
endorsing a plan they announced earlier this month that has done
little to alleviate concerns over supply ahead of President Biden's
visit to Saudi Arabia in July.
In their fifth meeting since Russia invaded Ukraine, sending oil
prices above $100 a barrel for the first time in eight years, the
Saudi-led Organization of the Petroleum Exporting Countries and a
coalition of Moscow-led oil producers agreed to raise their
collective production by 648,000 barrels a day, delegates said.
The increase in production levels for August matches what the
broader alliance, called OPEC+, also agreed for July.
Before this, OPEC+ in recent months rolled out a small increase
of 432,000 barrels a day in oil production that the alliance agreed
to last year as part of a plan to raise output to prepandemic
levels. It had rebuffed repeated calls from the U.S. and other
major oil-consuming nations to pump more oil to help tame high
Write to Summer Said at email@example.com and Benoit Faucon at
(END) Dow Jones Newswires
June 30, 2022 08:54 ET (12:54 GMT)
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