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Energy

OPEC+ agrees to accelerate oil production following U.S. pressure

Deal comes amid easing of tensions between White House and Saudi leadership

An oil tanker is loaded at Saudi Aramco's Ras Tanura oil refinery.   © Reuters

NEW YORK/LONDON (Financial Times) -- OPEC and its allies on Thursday agreed to accelerate oil production in July and August, as the cartel's linchpin Saudi Arabia bowed to U.S. pressure to cool a crude price rally that has threatened to stall the global economy.

The cartel said it would increase output by almost 650,000 barrels a day in both months, up from planned increases of around 400,000 b/d.

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