Reported about 5 hours ago
OPEC+ has decided to raise oil production by 548,000 barrels per day in August, escalating their output after recent fluctuations in oil prices due to geopolitical tensions. This decision marks a shift from previous production cuts aimed at stabilizing markets since 2022, as the group seeks to regain market share and respond to demands for lower gasoline prices. The increase will be implemented by eight member countries, contributing to a total production boost of 1.918 million barrels per day since April.
Source: YAHOO