OPEC and its allies agree to increase their crude production by 50% after pressure from record prices since the Russian invasion of Ukraine

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explained,

Oil prices rose dramatically after the Russian invasion of Ukraine.

After many rejections, major oil exporting countries and their allies (known as OPEC+) decided on Thursday to double their production in the summer months, amid strong pressure from record oil prices after the Russian invasion of Ukraine.

At a meeting in London, OPEC +, which includes Russia, announced that it would produce 648000 barrels per day in July and August, 50% more than initially expected for those dates.

The world’s major oil producers had reduced production after the coronavirus pandemic, which drove prices down.

However, in the wake of the Russian invasion of Ukraine and the numerous sanctions imposed by the West on Moscow, oil prices have soared to over $100 a barrel, the highest level in nearly a decade.

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