New York (AP)-A group of countries being part of the OPEC+ coalition of the Tail-India has agreed to promote oil production, a step some believe that a stable global economic outlook and low oil inventions can reduce the prices of oil and gasoline.
The group virtually met on Sunday and announced that its eight member countries would increase oil production by increasing 547,000 barrels per day in September.
Countries promoting outputs including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman were participating in voluntary production cuts, Was initially built in November 2023, Which was to be phased by September 2026. Announcement means that voluntary production cuts will end before the schedule.
This step follows an OPEC+ decision in July Production promoted by 548,000 barrels Per day in August. OPEC stated that production adjustment could be stopped or the market situation may be reversed with developing.
When production increases, oil and gasoline prices may fall. According to the research firm Clearview Energy Partners, Brent crude oil, which is considered a global benchmark, is trading near $ 70 per barrel, which may be due to the potential loss of Russian oil on the market and a major increase in raw inventions in China.
“President Trump has not clearly trusted himself Danger to approve Russian energy If the Kremlin does not reach the peace deal with Ukraine until 7 August, then potentially through “Secondary Tariff” on buyers, “Clearview Energy Partners said in an analyst note on Sunday.
OPEC said in a news release that eight countries would meet again.
Kathy Busevitz, Associated Press