The Organisation of Petroleum Exporting Countries and non-OPEC partners have agreed to raise the global oil supply to 648,000 barrels per day.
The decision was made at the 29th OPEC and non-OPEC ministerial meeting held on Thursday.
The decision on Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession. The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.
The decision comes as some OPEC members reportedly nudged the alliance to exempt Russia from its oil output targets, paving way for major oil producers like Saudi Arabia and the United Arab Emirates to pump more oil.
The move to increase production faster than planned comes as rising crude prices have pushed gasoline to a record high in the U.S. There are fears that elevated energy prices could slow the global economy as it emerges from the pandemic.
