OPEC+ agrees to small oil output hike

THE Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers on Wednesday decided to boost production in September at a pace much slower than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia's invasion of Ukraine.

The so-called OPEC+ alliance, led by Saudi Arabia and Russia, said it would increase output to 100,000 barrels a day next month after raising it by 648,000 barrels daily in July and August. The group considered what effects staggering inflation and rising Covid-19 rates may have on global demand for fuel in the fall.