OPEC+ alliance endorses slight increase in oil production
Saudi Arabia, the UAE and other have largely resisted US calls to boost production but settled on a marginal increase today.
An alliance of world oil producers decided today to modestly boost production.
The Organization of Petroleum Exporting Countries (OPEC) held its monthly meeting with non-OPEC allies today, including Russia. They agreed to increase collective oil production by 432,000 barrels a day, according to a press release.
The alliance of OPEC, Russia and other allies is often referred to as OPEC+.
Why it matters: Global oil prices have increased significantly this year, in large part due to the chaos in energy markets resulting from the Russian invasion of Ukraine. The United States has repeatedly called on major oil producers to boost production to bring prices down. Saudi Arabia, the United Arab Emirates and other OPEC members have declined to do so thus far.
