{"id":43033,"date":"2025-07-06T09:38:21","date_gmt":"2025-07-06T09:38:21","guid":{"rendered":"https:\/\/www.europesays.com\/us\/43033\/"},"modified":"2025-07-06T09:38:21","modified_gmt":"2025-07-06T09:38:21","slug":"opec-to-boost-oil-production-by-548000-barrels-per-day-in-august","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/43033\/","title":{"rendered":"OPEC+ to boost oil production by 548,000 barrels per day in August"},"content":{"rendered":"

NEW YORK (AP) \u2014 Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.<\/p>\n

The group that includes Saudi Arabia and Russia made the decision at a virtual meeting Saturday. They cited a \u201csteady global economic outlook\u201d and low oil inventories.<\/p>\n

Oil prices spiked sharply last month during the bloody, 12-day conflict between Israel and Iran but then tumbled back down<\/a> as the U.S. helped broker a peace deal after dropping bombs on three of Iran\u2019s key nuclear sites.<\/p>\n

Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers\u2019 cartel, and Russia is the leading non-OPEC member in the 22-country alliance. <\/p>\n

Along with Saudi Arabia and Russia, the group that met Saturday is made up of Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.<\/p>\n

A statement said the new measures were in accordance with a December decision to put off increasing production<\/a> at that time, but gradually increase it by 2.2 million barrels per day over an 18-month period starting in April and ending in fall 2026. The delayed ramp up reflected weaker-than-expected demand and competing production from non-allied countries.<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (AP) \u2014 Eight members of the OPEC+ alliance of oil exporting countries say they will boost…\n","protected":false},"author":3,"featured_media":3183,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[64,57,83,6112,24521,257,271,67,132,68,107],"class_list":{"0":"post-43033","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-general-news","10":"tag-iran","11":"tag-israel-iran-war","12":"tag-opec","13":"tag-russia","14":"tag-saudi-arabia","15":"tag-united-states","16":"tag-unitedstates","17":"tag-us","18":"tag-world-news"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114805624347701594","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/43033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=43033"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/43033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/3183"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=43033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=43033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=43033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}