|
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.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
