From the poultry section to the gas pump, Americans are dealing with some severe financial turbulence at the moment, and they’ll take all the help that they can get.
Now, as gas prices hit national averages the likes of which we’ve never seen before, OPEC is looking to relieve some of the pressure.
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.
The decision 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.
All this as the world believed they were heading for a post-pandemic period of prosperity.
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.
OPEC had long resisted such a move, as they organization has their own trouble keeping up with production schedules of late.