It can follow the decrease of gas prices produced by OPEC+ Boosting by 547,000 barrels per day
A group of countries that are part of the OPEC+ alliance for oils issued oil agreed to enhance oil production, a step that some believe may reduce oil and gasoline prices, noting fixed global economic expectations and low oil stocks.
The group gathered almost on Sunday and announced that eight member states would increase oil production by 547,000 barrels per day in September.
The countries were strengthening production, including the Kingdom of Saudi Arabia, Russia, Iraq and the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, in voluntary production discounts, Initially in November 2023, That was scheduled to be eliminated by September 2026. The announcement means that voluntary production cuts would end before the specified date.
This step follows OPEC+ decision in July to Increase production by 548,000 barrels Daily in August. OPEC said production adjustments may be stopped or reversed with the development of market conditions.
When production increases, oil and gasoline prices may decrease. But Brent crude oil, which is a global standard, is traded near $ 70 a barrel, which may be due to a possible loss of Russian oil in the market and a significant rise in crude stocks in China, according to Clearview Energy Partners.
It is clear that President Trump has not retracted it The threat of the penalty for Russian energy Clerefio Energ Partners said in an analyst on Sunday, if the Kremlin does not reach a peace agreement with Ukraine as of August 7, it is possible that this is through “secondary tariff” on buyers.
OPEC said in a press statement that the eight countries will meet again on September 7.
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