Opec’s surprise output hike offers Biden break on prices

The move may boost oil flows into the global market weeks ahead of the US election, potentially lowering the cost of petrol as voters head to the polls. — Bloomberg

WASHINGTON: US President Joe Biden may have just received a timely election boost from an unlikely source.

The Organisation of the Petroleum Exporting Countries and its allies’ (Opec+) decision on Sunday to put more oil into the global market potentially keeps a lid on petrol prices through to the end of the year, which could help cool voters’ wrath over costs at the pump.