OPEC+ brings forward oil output rises as Joe Biden’s Saudi visit looms
Saudi Arabia and other Opec+ (Organisation of the Petroleum Exporting Countries) states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by US President Joe Biden.
Opec+ said it had agreed to boost output by 648,000 barrels per day (bpd) in July — or 0.7 per cent of global demand — and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.
The move will be seen as a sign of willingness by Saudi Arabia and other Opec Gulf nations to pump more after months of pressure from the West to address global energy shortages worsened by Western sanctions on Russia.
