Eight OPEC+ countries meeting on Sunday agreed on a bump in oil production for September by 548,000 barrels per day.
OPEC+ on Sunday agreed to boost oil production by 548,000 barrels per day from September in a move that could further reduce gas prices this year.
The group had been curtailing production of oil for several years to support oil prices, but changed course earlier this year after calls by US President Donald Trump to ramp up production.
Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers’ cartel, and Russia is the leading non-OPEC member in the 22-country alliance.
Sunday’s announcement means the group has fully unwound previous cuts to oil production.
The decision comes amid increasing US pressure to bring Moscow to the negotiating table to end their ongoing, full-scale invasion of Ukraine.
Source: Euronews