The OPEC oil-producing nations announced Thursday, June 2 a greater-than-expected opening their valves this year in an effort to reduce the soaring price of oil since the outbreak of war in Ukraine.
Representatives of the Organization of the Petroleum Exporting Countries and their ten partners (OPEC), agreed to increase July production by 648,000 barrels per hour, compared with 432,000 barrels in previous months. The alliance released a statement stressing the importance of balanced and stable markets.
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