OPEC+ agrees to boost oil output more than expected

June 02, 2022 / 6:15 PM

Sharjah 24 – AFP: Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and an EU ban on Russian crude imports.

"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 they will add 648,000 barrels per day to the market in July, up from 432,000 in previous months.