The OPEC oil alliance will raise production by 648,000 barrels a day in July and August. It's modest relief as the U.S. average gas price hit $4.71 a gallon.
LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and the resulting inflation.
In the U.S., crude prices are up 54% since the beginning of the year and gasoline prices are being pulled along. That, along with a European Union agreement to end most oil imports from Russia, has pushed prices higher. Gasoline and diesel prices have also been rising due to a lack of refining capacity to turn crude into motor fuel.
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