OPEC Agrees to Increase Oil Production

“OPEC and its allies agreed Thursday to a bigger-than-expected oil-production increase of 648,000 barrels a day in July and August, OPEC delegates said, allowing Saudi Arabia to potentially pump more crude and paving the way for a potential deal with the U.S.,” the Wall Street Journal reports.

“The move would represent a significant shift for the Saudis, who have resisted calls from the U.S., U.K. and other Western countries to pump more oil to help reduce a price boom resulting from Russia’s invasion of Ukraine. The discussions come after a flurry of diplomacy between Washington and Riyadh, with senior U.S. officials traveling to Saudi Arabia in recent weeks to broker a deal.”