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August 13
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OPEC and allied producing countries decided to increase oil production to 648,000 barrels per day in August.

The move is likely to do little to reduce the high gasoline prices at the pump and the inflation that is plaguing the global economy.

OPEC+ confirmed the decision of its last meeting. Earlier, the organization decided to increase production by 432,000 barrels per day per month in order to return oil to the market after a sharp reduction in production in the midst of a pandemic.

The increase was seen largely as a gesture from Saudi Arabia's OPEC leader to US President Joe Biden, who is due to visit Riyadh shortly thereafter.

Gasoline prices around the world hit a painful high. In the US, they topped $5 a gallon for the first time this month and have fallen in recent days as global oil prices tumbled on recession fears.

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