OPEC Boost Oil Production As Gas Prices Soar
The consortium of the world’s largest oil-producing countries agreed to boost fossil fuel production faster than expected Thursday as energy prices rise worldwide due to Russia’s drawn-out war in Ukraine. The member nations of OPEC+ announced the group would add 648,000 barrels per day in July and August, a modest acceleration of plans that were already in motion to reverse drawdowns related to the pandemic. The boost in production came amid pressure from the White House for OPEC+ to do more to fill the gap created by sanctions on Russia.
But while the White House touted the move as a positive step for global energy security, it is unlikely to provide much relief at the pump. Gas prices jumped to another record high Thursday, averaging $4.71 per gallon nationwide, according to AAA.
Source: Washington Post
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