JUST-IN: OPEC+ Agrees To 216,000 bpd Output Increase Amid Russian Ban

The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have agreed to ramp up global oil supply, yielding to western pressures to pump more oil.

The decision was made at the 29th OPEC and non-OPEC ministerial meeting held on Thursday.

The move aims to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.

The group decided to add 648,000 bpd of oil to the market in July and August – up by 216,000 bpd – from 432,000 bpd in recent months.

The decision comes as some OPEC members reportedly nudged the alliance to exempt Russia from its oil output targets, paving way for major oil producers like Saudi Arabia and the United Arab Emirates to pump more oil.