A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories.
The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September.
The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026.
The announcement means the voluntary production cuts will end ahead of schedule.
The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August.
Jury says Tesla liable in deadly crash
A Miami jury decided that Elon Musk’s car company Tesla was partly responsible for a deadly crash in Florida involving its Autopilot driver assist technology and must pay the victims more than $240 million in damages.
The federal jury held that Tesla bore significant responsibility because its technology failed and that not all the blame can be put on a reckless driver, even one who admitted he was distracted by his cellphone before hitting a young couple out gazing at the stars.
The decision comes as Musk seeks to convince Americans his cars are safe enough to drive on their own as he plans to roll out a driverless taxi service.
“Today’s verdict is wrong,” Tesla said in a statement Friday, “and only works to set back automotive safety and jeopardize Tesla’s and the entire industry’s efforts to develop and implement lifesaving technology.” Tesla said it will appeal.
Originally Published: August 3, 2025 at 2:32 PM EDT