The major oil-producing countries have reached an agreement to boost supplies of oil. In a move expected to help cool the runaway rise in the cost of crude which has sent prices at the pump soaring and helped fuel inflation, the so-called OPEC+ group has agreed to boost oil production by 400,000 barrels per day by September. The price of crude collapsed last year as travel was severely hampered by coronavirus lockdowns. Output was slashed by 10 million barrels per day. Supply has been gradually reinstated.
