US Edition
OPEC+ Countries Agree to Boost Oil Production
GLOBAL, AUG 4 – OPEC+ plans a second consecutive monthly output rise amid healthy global economy and low inventories, increasing production by 547,000 barrels per day starting September, analysts said.
- OPEC+ countries agreed to increase crude oil production by 547,000 barrels per day starting in September to adjust market supply.
- This production boost followed prior increases earlier this year and responds to pressures like U.S. sanctions threats and fragile economic conditions.
- The group plans this measured increase to reclaim lost market share while staying ready to adjust output if oil demand weakens or market fundamentals worsen.
- West Texas Intermediate crude, the U.S. benchmark trading near $66.35 recently, faces volatility influenced by geopolitical tensions, weak U.S. jobs data, and upcoming economic reports.
- This supply adjustment suggests OPEC+ aims to balance revenue needs with price stability amid global uncertainties, including ongoing Russian crude trade tensions.
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London. The Organization of Petroleum Exporting Countries and its allies (OPEC+) yesterday agreed to increase oil production by 547 thousand barrels per day (bpd) in September. This is the most recent of a series of increases in production to recover market share: while there is growing concern about possible supply disruptions linked to Russia.
Tulsa World
OPEC+ countries agree to boost oil production
NEW YORK — A group of countries that are part of the OPEC+ alliance of oil-exporting countries agreed Sunday to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and…
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