CoreComm Internet

Features

Make this your home page

OPEC+ to boost oil production by 548,000 barrels per day in August

AP

NEW YORK (AP) — Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

The group that includes Saudi Arabia and Russia made the decision at a virtual meeting Saturday. They cited a “steady global economic outlook" and low oil inventories.

Oil prices spiked sharply last month during the bloody, 12-day conflict between Israel and Iran but then tumbled back down as the U.S. helped broker a peace deal after dropping bombs on three of Iran’s key nuclear sites.

Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers’ cartel, and Russia is the leading non-OPEC member in the 22-country alliance.

Along with Saudi Arabia and Russia, the group that met Saturday is made up of Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.

A statement said the new measures were in accordance with a December decision to put off increasing production at that time, but gradually increase it by 2.2 million barrels per day over an 18-month period starting in April and ending in fall 2026. The delayed ramp up reflected weaker-than-expected demand and competing production from non-allied countries.

...

----------
Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

CoreComm is not responsible for content on external sites. Please review the privacy and security policies of each vendor before making online purchases or providing personal information. Forecast Information Provided by AccuWeather.