LONDON: The US recognizes the role of Saudi Arabia in achieving OPEC+ consensus and the positive contribution made by the UAE, Kuwait, and Iraq, the White House said in a statement on Thursday.
The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and the resulting inflation.
The US welcomed the decision by OPEC+ nations to increase oil supplies as rising crude prices have pushed gasoline to a record high in the country.
There are fears that elevated energy prices could slow the global economy as it emerges from the pandemic.
(With agencies)