OPEC Plus Agrees to Larger Increase in Oil Supply

OPEC Plus has agreed to a larger increase in oil supply than planned for July and August.

The group of oil-producing nations said on Thursday “it would raise production by 648,000 barrels a day, an increase of about 50 percent over the 430,000 barrels a day agreed under a programme last year.” 

This means that producers are compressing three months of planned increases into two months.

Russian production has fallen by 10 percent or about one million barrels a day since the invasion of Ukraine because of sanctions.

Aljazeera /Shakirat Sadiq