New York (AP) – Eight members of OPEC+ Alliance of oil exporting countries say they will promote production from 548,000 barrels per day in August, which can reduce gas prices this year.
The group involving Saudi Arabia and Russia decided in a virtual meeting on Saturday. He cited a “stable global economic approach” and less oil inventions.
Oil prices rose rapidly during the 12-day struggle between Killer, Israel and Iran last month but Then dropped back down As the US helped the broker in a peace deal after the US left the bomb on Iran’s three major nuclear sites.
Saudi Arabia has a significant impact as a key member of the cartel of OPEC producers in OPEC+, and Russia is a major non-OPEC member in the 22-country coalition.
Along with Saudi Arabia and Russia, the group from Saturday is composed of Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
A statement said that the new measures were according to the December decision Stop growing production At that time, but gradually, the 18-month period began in April ended 2.2 million barrels per day in 2026. The delayed ramp reflected the weak-to-intake demand and competed with non-alide countries.
The Associated Press
