RIYADH — OPEC+ decided on Thursday to open taps wider than expected amid soaring prices and an EU ban on Russian crude imports.

“The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products,” the 23-member OPEC+ group said in a statement.

OPEC+ will add 648,000 barrels per day to the market in July, up from 432,000 in previous months.

Oil had fallen before the meeting after reports that Saudi Arabia and other members were prepared to fill the gap in the market created by the drop in Russian output. After the agreement, crude reversed its losses in New York and was 0.7% higher at $116.03 a barrel as of 9:35 a.m. local time. — Agencies