The Organization of the Petroleum Exporting Countries and its allies agreed Thursday to boost production in July and August by 648,000 barrels a day. That exceeds the 432,000 barrel-a-day monthly increases the group has been approving in keeping with its agreement last year to unwind production cuts put in place after the onset of the COVID-19 pandemic in 2020.
The move comes as Russian oil production is expected to fall sharply in response to sanctions targeting the country’s energy exports, but is seen falling short of making up the gap. Oil futures moved higher following the announcement, with West Texas Intermediate crude for July delivery, the U.S. benchmark, up 94 cents, or 0.8%, at $116.20 a barrel on the New York Mercantile Exchange. August Brent crude, the global benchmark was up 0.7% at $117.10 a barrel on ICE Futures Europe.
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