OPEC+ ALLIANCE BOOSTS OIL PRODUCTION AS ENERGY PRICES SOAR

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.

The move to increase production faster than planned comes as rising crude prices have pushed gasoline to a record high in the U.S., a potential problem for U.S. President Joe Biden in mid-term Congressional elections this fall. There are fears that elevated energy prices could slow the global economy as it emerges from the pandemic.

The US "welcomes" the decision, White House press secretary Karine Jean-Pierre said in a prepared statement. "The United States will continue to use all tools at our disposal to address energy prices pressures."

The increase did not appear to ease concerns about tight supply and oil prices actually rose after the decision was announced Thursday.