Russia, Saudi agree to further boost oil output amid soaring prices

Major oil producers, led by Saudi Arabia and Russia, on Thursday decided to open their taps wider than expected amid soaring prices.

“The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products,” the 23-member OPEC+ group said in a statement, adding that July’s production will be adjusted upward by 648,000 barrels per day, up from 432,000 in previous months.

OPEC+ group also agreed to raise the output by 648,000 barrels per day in August.

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