Reported about 17 hours ago
Gas prices are expected to decrease further this summer as OPEC+, led by Saudi Arabia, plans to increase oil output by 548,000 barrels per day starting in August. This decision comes in response to intense US shale competition and sluggish demand from China, resulting in a drop in oil prices just as travel demand peaks. Analysts suggest that while lower prices may strain Saudi Arabia's budget, this 'lesser evil' strategy is aimed at regaining market share and solidifying the kingdom's influence within OPEC.
Source: YAHOO