NEW YORK (AP) – A group of countries that are part of the OPEC+ alliance of oil exporters has agreed to promote oil production.
The group effectively met on Sunday, and announced in September that eight member states would increase oil production by 547,000 barrels per day.
Countries that have increased production, such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, were taking part in voluntary production cuts. Originally created in November 2023 This was scheduled to be phased out by September 2026. The announcement means that voluntary production cuts will end before planned.
The move follows the July OPEC+ decision Increase production of 548,000 barrels Around the day of August. OPEC said production adjustments could be suspended or reversed as market conditions evolve.
Increased production could potentially lower prices for oil and gasoline. But Brent crude, considered a global benchmark, trades nearly $70 per barrel. This could be due to potential losses in Russian oil in the market and a significant increase in Chinese crude oil inventory, according to research firm Clearview Energy Partners.
“President Trump clearly hasn’t merciless from him. The threat of sanctioning Russian energy If the Kremlin does not reach a peace agreement with Ukraine as of August 7, it is potentially via “secondary tariffs” for buyers,” Clearview Energy Partners said in an analyst note on Sunday.
The eight countries will meet again on September 7th, OPEC said in a news release.
