OPEC and its allies agreed to boost oil production on Thursday, endorsing a plan they announced earlier this month that has done little to alleviate concerns over supply ahead of President Biden’s visit to Saudi Arabia in July.
In their fifth meeting since Russia invaded Ukraine, which sent oil prices above $100 a barrel for the first time in eight years, the Saudi-led Organization of the Petroleum Exporting Countries and a coalition of Moscow-led producers agreed to raise their collective production by 648,000 barrels a day, delegates said.
