FRANKFURT, Germany (AP) — The OPEC oil producers’ cartel and allied non-member countries led by Russia signed off Wednesday on gradually increasing production as the global economy and demand for fuel continue to recover from the worst of the coronavirus pandemic. The group fended off pressure from the U.S. to move faster in restoring production cuts made during the pandemic and potentially ease costs at the pump for American drivers. The group, known as OPEC+, agreed at an online meeting to stick with earlier plans to add back 400,000 barrels per day from Oct. 1. The Biden administration has urged OPEC to increase production faster, saying that higher gasoline costs risk harming the ongoing global recovery. The cost of crude oil accounts for about half the price of gasoline at the pump.

Source: thestar September 01, 2021 16:18 UTC