OPEC+ countries agree to increase oil production by 547,000 barrels per day in September, potentially lowering oil and gasoline prices. Member countries, including Saudi Arabia and Russia, had been voluntarily cutting production since November 2023, but now these cuts will end ahead of schedule.

This decision follows a July move by OPEC+ to boost production by 548,000 barrels per day in August. Production adjustments may be paused or reversed based on market conditions. Brent crude oil, trading near $70 per barrel, could be impacted by a potential loss of Russian oil and rising crude inventories in China.

President Trump maintains threat to sanction Russian energy if peace deal with Ukraine isn’t reached by August 7. Clearview Energy Partners notes the possibility of “secondary tariffs” on buyers. OPEC+ countries, which include Saudi Arabia, Russia, and others, will convene again on September 7.

Read more at Yahoo Finance: OPEC+ countries to boost oil production by 547,000 barrels per day