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OPEC+ alliance boosts oil production as energy prices soar

Kingdom is not using oil as a weapon against US : Saudi FM

The “OPEC Plus” alliance agreed to increase production more than expected, Thursday, to be an increase of 648,000 barrels per day next July and the same in August.

The coalition announced that it will start pumping this additional quantity starting next month and will increase it by the same amount in August after it had previously pledged to increase production by 432,000 barrels per day in July and the two months that follow.

The group confirmed that it compensated for the increase next September by raising the amount of the increase in the next two months to speed up obtaining the desired results from this step.

The White House welcomed this step in a statement issued by its spokeswoman, who praised Saudi Arabia’s role in leading the coalition.

In the statement, Karen Jean-Pierre said that the US appreciates “the role of Saudi Arabia as president of OPEC Plus and as the largest producer in the alliance, in reaching this agreement among the members of the group,”

Jean-Pierre added, “The US will continue to use all available tools to avoid high energy prices.”

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