OPEC+ opens taps wider, heeding US but keeping Russia onside

Oil had fallen before the meeting on reports that Saudi Arabia and other members were prepared to fill the gap in the market created by Western sanctions on Russian oil, or even remove the country from the OPEC+ quota system altogether. Picture: AP/Eric Gay

OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the US.

Ministers approved production increases of 648,000 barrels a day of oil for July and August, up from recent monthly hikes of 432,000 barrels a day. Moscow gave the plan its full backing and talks were concluded in just 11 minutes, delegates said, asking not to be named because the information was private.