A group of countries that are part of the OPEC+ alliance, an oil exporter, agreed to promote oil production, and some believe that it can lower oil and gasoline prices, citing stable global economic outlook and low oil stocks.
The group almost met on Sunday and announced that its eight member states would increase oil production by 547,000 barrels per day in September.
These countries have increased output from countries including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, and have been participating in voluntary production cuts, Originally produced in November 2023 It is planned to be phased out by September 2026. The announcement means that voluntary cuts will end early.
The move comes after the OPEC+ decision in July Increase production by 548,000 barrels Every day in August. OPEC said that as market conditions develop, production adjustments may be suspended or reversed.
Oil and gasoline prices may drop as production increases. But Brent crude is considered a global benchmark with trading volumes close to $70 per barrel, which could be due to potential losses in the market for Russian oil and a substantial increase in Chinese crude inventories, according to research firm Clearview Energy Partners.
“President Trump obviously hasn’t gotten away Threat to approve Russian energy Clearview Energy Partners said in an analyst report on Sunday that if the Kremlin does not reach a peace agreement with Ukraine, it could be achieved through “secondary tariffs” on buyers. ”
OPEC said in a press release that eight countries will meet again on September 7.
