OPEC+, an alliance of the Organization of the Petroleum Exporting Countries and other producing nations, agreed on Thursday to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation.

OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd) in July – or 0.7% of global demand – and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.

Oil rose on the news towards $117 a barrel.

Earlier this year, oil came close to an all-time peak of $147 hit in 2008.

OPEC+ includes Russia, whose output has fallen by about 1 million bpd following Western sanctions on Moscow over its invasion of Ukraine.