OPEC+ Boosts August Oil Production, Eyes Lower Gas Prices
OPEC+ Boosts August Oil Production, Eyes Lower Gas Prices
The OPEC+ alliance of oil-exporting nations has announced a significant increase in crude oil production, adding 548,000 barrels per day to global supply starting this August. The decision, made by eight key members including Saudi Arabia and Russia at a virtual meeting on Saturday, July 5th, aims to address a “steady global economic outlook” and low oil inventories.
This collective boost is expected to provide relief to consumers, potentially contributing to a further reduction in gas prices later this year. The move is part of a larger plan by the 22-country alliance to gradually increase production by 2.2 million barrels per day over an 18-month period, which commenced in April 2025 and is scheduled to conclude in fall 2026.
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