Saudis Nod to US With Oil-Output Hike, But Keep Russia Close
- Producers group increases size of monthly supply hike by 50%
- Proposal comes amid US pressure for help to ease prices
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OPEC+ agreed to open its oil taps faster in the summer months, a gesture of reconciliation to the US that nevertheless keeps Russia at the heart of the cartel.
The White House welcomed the deal, which came after months of diplomatic pressure on Saudi Arabia to mitigate the surge in energy prices that’s battered the economy since President Vladimir Putin’s decision to invade Ukraine.