OPEC+ agrees to further raise output

Major oil-producing countries have decided to boost output in response to rising global demand.
They have agreed to increase production by 648,000 barrels per day in July.

The decision was made Thursday at a ministerial video conference of the Organization of the Petroleum Exporting Countries and its allies including Russia.
The group known as OPEC plus says members will increase production capabilities to meet the new threshold.
The amount is about 200,000 barrels per day more than a previously planned increase in output.

Crude oil prices have surged since Russia launched its invasion of Ukraine in late February.
Importing countries have repeatedly urged producers to raise their output.
G7 energy ministers last month called on oil and gas producing countries to respond to a crunch in the international markets, saying OPEC has a key role to play in addressing the situation.