LONDON — OPEC and allied oil producers including Russia have decided to stick to a modest increase in the amount of crude it pumps to the world.
The move today supports higher prices even as the Biden administration readies an attempt to lower them by releasing oil from strategic reserves.
The group, known as OPEC+, chose to stay on its schedule of gradual increases to restore production cuts made during the depths of the coronavirus pandemic in 2020.
In May, OPEC said it would add 432,000 barrels per day. That’s slightly up from 400,000 barrels in previous months, with officials saying they’re revising baseline production levels.