Prospering in the oil business means threading a tricky needle.

On the one hand, you like high oil prices because that means fat stacks of profit.

On the other, you have to be careful about letting prices get too high because that can create a backlash from consumers and politicians.

The oil cartel OPEC and its oil-producing pals (worst boy band ever?) have been saying for months that energy prices had found their Goldilocks sweet spot and there was no need to boost production and bring prices down.

Now they’re singing a different tune.

Team OPEC — a.k.a. “OPEC+” — announced Thursday they’ll increase output in July and August by a larger-than-expected amount to accommodate shortages caused by Russia’s invasion of Ukraine.

OPEC+ will raise production by 648,000 barrels a day in both months, reversing lower output during the pandemic.

Governments worldwide, including the Biden administration, have been calling on oil producers to step up production to help alleviate soaring energy prices.

Pump prices have been steadily climbing in lockstep with higher oil costs. The U.S. national average for a gallon of gas was $4.71 Thursday, according to AAA.

The average in Los Angeles was $6.22.

“We recognize the role of Saudi Arabia as the chair of OPEC+ and its largest producer in achieving this consensus amongst the group members,” a White House spokesperson said in welcoming the increased production.

She added that the United States “will continue to use all tools at [its] disposal to address energy prices pressures.”

However, don’t expect relief at the pump in the immediate future. It typically takes weeks for increased oil production to be reflected in lower gas prices.