3 days ago
15
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.
Related
Not all fun and games: Camps have robust emergency preparedn...
Judge orders mental evaluation for Venezuelan man convicted ...
