💨 Abstract

OPEC+ alliance members, including Saudi Arabia and Russia, have agreed to increase oil production by 547,000 barrels per day in September, accelerating the end of voluntary production cuts. This decision aims to lower oil and gasoline prices amid a steady global economy and low oil inventories. However, factors like potential sanctions on Russian energy and rising Chinese inventories may influence global oil prices, which are near $70 per barrel.

Courtesy: WTOP Staff