OPEC and its allies have agreed to pump more oil to reduce global prices.

 OPEC and its ten allies agreed to more than expected daily production growth in order to mitigate the effects of rising fuel prices amid Russia’s war in Ukraine, reported the WSJ.  The move represents a shift for the Saudis, who lead the Organization of the Petroleum Exporting Countries and have resisted calls from the US, UK, and other Western countries to pump more oil to help reduce the price boom resulting from Russia’s invasion of Ukraine. In particular, oil-exporting countries have agreed to increase production by 648,000 barrels per day in July and August. Before that, the daily volume had increased by only 400,000 barrels, which did not stop the rise in oil prices above $100 per barrel after the Russian invasion of Ukraine.