OPEC+ boosts oil output by slower pace than previous months

The OPEC oil cartel and its allies decided on Wednesday to boost production in September by a much slower pace than in previous months at a time of high oil prices and unstable energy supplies exacerbated by the war Russia has waged on Ukraine. The OPEC+ coalition said it will increase output to 100,000 barrels a day next month after raising it by by 648,000 barrels per day in July and August.

The group considered what effects staggering inflation and rising COVID-19 rates may have on global demand for fuel in the fall, with gasoline prices at the pump still high.