The Organization of the Petroleum Exporting Countries (OPEC) and its partners agreed to boost oil production on Thursday, backing a plan released earlier this month, ahead of President Joe Biden’s visit to Saudi Arabia in mid-July.
In their fifth meeting since the beginning of the war in Ukraine, which sent oil prices skyrocketing to above $100 a barrel for the first time in eight years, OPEC and a group of Russian-led non-OPEC members agreed to raise their collective production by 648,000 barrels a day.
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