OPEC+ agrees bigger output boost amid Russian isolation

OPEC+ agrees bigger output boost amid Russian isolation

Major oil producers led by Saudi Arabia and Russia agreed on Thursday to open the taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports.

Analysts had foreseen OPEC+ producers sticking to their policy of modest output increases, as they have done since May 2021.

However, pressure has been rising for the 23-strong group to boost output further to try to stabilise prices, which have hit record highs since Russia invaded Ukraine, drawing heavy Western sanctions.