OPEC+ alliance boosts oil production as energy prices soar

Author: External Author | | Categories: Oil Well Optimization , Oilfield Service Company , Oilfield Services , Slickline Services

The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and the resulting inflation.

The decision Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession. The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.

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Original Article Source Credits:   CambridgeToday , https://www.cambridgetoday.ca/

Article Written By:  Associated Press

Original Article Posted on:  Jun 2, 2022

Link to Original Article:  https://www.cambridgetoday.ca/national-business/opec-alliance-boosts-oil-production-as-energy-prices-soar-5434548