Oil output to see small hike to ease energy prices

August 4, 2022 10:03 am

[Source: BBC]

The world’s biggest oil producers have agreed to raise production slightly in a bid help ease high prices.

Members of oil producers’ group Opec+ – which includes Russia – agreed on Wednesday to add 100,000 more barrels per day to the market from September.

The latest production output increase is at a much slower pace than in recent months.

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The decision is a blow to leaders who had called for production to be ramped up.

They include US President Joe Biden, who travelled to Saudi Arabia in a bid to personally convince the country to pump more oil to help cool soaring prices.

Crude has consistently traded at more than $100 a barrel since February, driving up the cost of living in many countries.