OPEC+ pledged on Thursday to increase oil production further after resisting repeated calls by the Biden administration and other nations to do so to tame high prices.
The cartel, which includes nonmember Russia, committed to raising its collective production by 648,000 barrels per day beginning in July, a roughly 200,000-barrel-per-day increase from its recent monthly production increase targets.
The group's announcement said members took into account reopening from lockdowns "in major global economic centers," likely referring to China. It also said it expects global refinery intake to increase following maintenance.
The announcement is big news for the oil market, as prices have stood well above $100 per barrel since the war in Ukraine began.