US Edition
Another Fuel Price Rollback Seen Next Week - BusinessWorld Online
- OPEC+ countries, including Saudi Arabia and Russia, plan to meet Saturday to discuss a 411,000 barrels per day output increase for August.
- This potential increase follows several years of output cuts totaling more than 5 million barrels per day, with accelerated hikes since April.
- Eight OPEC+ members have raised production by 1.37 million barrels per day for July, partly offsetting prior cuts amid pressure from US and other producers.
- Crude futures traded near $69 a barrel as oil prices fell on the expected supply boost and easing Middle East tensions, exerting downward pressure on prices.
- The output increase and geopolitical factors suggest a continued price decline, likely prompting fuel price rollbacks, as seen recently with gasoline lowered by P1.40 per liter.
Insights by Ground AI
Does this summary seem wrong?
16 Articles
16 Articles
All
Left
1
Center
4
Right
2
Madrid. The Organization of Petroleum Exporting Countries (OPEC) and other allied nations advanced for this Saturday 5 July the virtual meeting that was initially scheduled for Sunday, with the aim of analyzing the possibility of a further increase in the production of hydrocarbon.According to sources consulted by Bloomberg, a possible increase of 411,000 barrels per day will be discussed starting in August.The advance of the meeting responds to…
Coverage Details
Total News Sources16
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
Factuality
To view factuality data please Upgrade to Premium
