Business

World oil production grows with help from Russia, as prices start to ease

By Josh Siegel
Published August 10, 2018 2:09pm ET
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World oil production grows with help from Russia, as prices start to ease
A worker passes an oil drilling rig in an oilfield in Russia. | (Andrey Rudakov/Bloomberg)

World oil supply grew in July, helped by strong production from Russia, the International Energy Agency reported Friday, helping to ease higher prices that have concerned President Trump.

The growth shows Russia is doing its part to fulfill a commitment among OPEC members and itself, agreed to in June, to collectively increase output by 1 million barrels per day in order to bring oil prices down.

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Oil OPEC Russia