Opec agrees to ramp up oil production, but fails to exclude Russia

The Opec oil cartel and its allies have agreed to ramp up production of crude amid a surge in global demand, but did not exclude Russia from contributing to future increases despite its invasion of Ukraine.

Ministers representing Opec’s 13 members and 10 non-Opec producers led by Russia, a grouping called Opec+, said on Thursday they would increase output by nearly 650,000 barrels a day in July and August, nearly two-thirds more than previously planned rises of about 400,000 barrels a day.