|The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria, June 19, 2018. (Photo: REUTERS)
OPEC+ said it had agreed to boost output by 648,000 barrels per dayin July - or 0.7% of global demand - and a similar amount in August versus the initial plan to add 432,000 barrels per day a month over three months until September.
The move will be seen as a sign of willingness by Saudi Arabia and other OPEC Gulf nations to pump more after months of pressure from the West to address global energy shortages worsened by Western sanctions on Russia.
Oil rose on the news towards 117 USD a barrel as analysts said the real production boost will be insignificant as most OPEC members except for Saudi Arabia and the United Arab Emirates are already pumping at capacity. Earlier this year, oil came close to an all-time peak of 147 USD hit in 2008.