A group of countries that are part of the Opec+ Alliance of Oilexporting countries has agreed to increase oil production. Some believe that some believe that the oil and gasoline prices could reduce, with a steady global economic outlook and low oil supplies being cited.
The group met practically on Sunday and announced that eight of its member countries would increase oil production in September by 547,000 barrels per day.
The countries increase production, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, in voluntary production cuts. originally made in November 2023, For September 2026, the voluntary production cuts should end in front of the schedule.
The step follows an Opec+ declaration in July Increase production by 548,000 barrels per day in August. According to the OPEC, the production adjustments can be stopped or vice versa if the market conditions develop.
When production increases, oil and gasoline prices can fall. Brent Rohöl, which is considered a global benchmark, acted almost 70 USD per barrel, which, according to research company Clearview Energy Partners, could be due to a potential loss of Russian oil on the market and a large increase in raw material supplies in China.
“President Trump obviously didn’t give in by him Threat to the sanction of Russian energy If the Kremlin does not achieve a peace agreement with Ukraine from August 7, potentially about “secondary tariffs” for buyers, Clearview Energy Partners said in an analyst note on Sunday.
The eight countries will meet again on September 7, said Opec in a press release.
Introduction of the 2025 Fortune 500The final ranking of the largest companies in America. Explore this year’s list.
