OPEC+ Agrees on Third Oil Supply Surge Despite Russia’s Qualms

OPEC+ agreed to surge oil output for the third month in a row despite reservations from key member Russia, doubling down on a historic policy shift that has sent crude prices sinking.

Oil-producing nations led by Saudi Arabia agreed during a video conference on Saturday to add 411,000 barrels a day to the market in July, according to a statement on the group’s website. The hike matches increases scheduled for May and June, marking a radical reversal from defending prices to actively driving them lower.