OPEC+ alliance agrees to production increase
Pressure on Saudi Arabia, Russia and other major oil producers has boosted production amid high prices.
An alliance of major oil exporters announced a big increase in production today.
The Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to boost production by 648,000 barrels a day for July and August. The so-called OPEC+ alliance has been increasing production by 432,000 barrels a day in previous recent months, according Bloomberg.
The price of Brent crude oil fell by more than 2% earlier in the day from nearly $116 a barrel to a bit more than $113 ahead of the OPEC+ meeting. Following the production increase announcement, the price shot back up above $116 a barrel, according to market data. Brent crude is widely considered a benchmark for global oil prices.
The price of OPEC's daily basket was $117.07 a barrel yesterday. OPEC releases its daily basket prices a day late, making this the most recent price data available.
