Major oil-producing countries agree to accelerate production over the next two months to cool a sharp rise in fuel prices
Major oil-producing countries have agreed to speed up production over the next two months to cool a sharp rise in fuel prices.
Members of the OPEC cartel said they would step up supplies amid a contraction caused by Russia’s brutal attack on Ukraine.
The group, which includes Saudi Arabia and Iran, has agreed to increase production by 648,000 barrels a day in July and August after a meeting of its ministers.
Overdrive: members of the OPEC cartel say they will increase supplies amid a contraction caused by Russia’s brutal attack on Ukraine
That’s about 400,000 barrels higher than in March. Because of this news, the price of Brent crude oil fell to about $ 116 a barrel from $ 124 earlier this week.
Russia is a major exporter of oil, but its supplies are constantly suspended by sanctions after Vladimir Putin’s invasion of Ukraine.
Since the start of the war, this contraction in the oil market has ignited a fire due to fuel, causing pain to motorists in pumps and power supplies to businesses such as airlines. It has also caused a surge in inflation, increasing pressure on families in dire straits.
But Howard Cox, founder of FairFuelUK, said oil prices could start rising again next month despite an increase in supply.
Major oil-producing countries agree to speed up their production
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