Crude Oil set For Crash after OPEC+ Boosts Production For August
Eight members of the OPEC+ alliance of oil-exporting countries boosted output by 548,000 barrels per day in August

Quick overview
- OPEC+ members increased oil output by 548,000 barrels per day in August, potentially lowering gas prices.
- The decision was made during a virtual meeting involving key players like Russia and Saudi Arabia, citing low oil stocks and a stable economic outlook.
- Recent geopolitical events, including a peace agreement after conflicts involving Iran, have contributed to fluctuating oil prices.
- The alliance plans to gradually increase production over 18 months, starting in April 2024, due to weaker demand and competition from non-allied producers.
Eight members of the OPEC+ alliance of oil-exporting countries boosted output by 548,000 barrels per day in August, which could further lower gas prices this year.
Russia and Saudi Arabia are part of the group that decided in a virtual meeting on Saturday. They mentioned low oil stocks and a “steady global economic outlook.”.
The United States helped broker a peace agreement following bombings of three of Iran’s most important nuclear sites, which caused oil prices to plummet again after a sharp spike during the 12-day, bloody conflict between Israel and Iran last month.
Russia is the main non-OPEC member in the 22-nation alliance, and Saudi Arabia is the dominant member of the OPEC producers’ cartel, giving it considerable influence in OPEC+.
The group that convened on Saturday includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. According to a statement, the new actions were in line with a December decision to postpone raising production at that time and instead increase it gradually over 18 months, beginning in April and ending in the fall of 2026, by 2 to 2 million barrels per day.
Weaker-than-anticipated demand and rival production from non-allied nations were the causes of the delay
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