OPEC+ to boost oil production by 548,000 barrels per day in August

Oil prices rise as OPEC+ increases production

OPEC+ plans to boost oil production by more than 500,000 BPD in August

Opec+ set to complete unwinding of oil output cut in September, sources say

The group has been curtailing production for years to support the market, but it has reversed course to regain market share

OPEC+ boosts output by more than expected

Major oil producers agreed to ramp up output by more than expected despite falling crude prices. The OPEC bloc and its partners have kept increasing production — this time by 550,000 barrels per day — even with prices mired near multi-year lows, officially voicing confidence about global economic prospects and forecasting a strong summer vacation season, a time when car use tends to increase. Yet experts say the persistent steps to raise output …

OPEC+ Surprises With Oversized Output Hike

At a virtual meeting Saturday, eight core members led by Saudi Arabia agreed to add 548,000 barrels per day (bpd) to global supply—exceeding earlier expectations of a 411,000 bpd hike.

Summer gas prices are headed even lower, as Saudi Arabia accepts the 'lesser evil' of cheap oil

Gas could get even cheaper this summer.Supachai Panyaviwat/Getty ImagesOPEC+ is boosting oil output, tanking prices as US summer travel peaks.OPEC leader Saudi Arabia is aiming to regain market share amid US shale competition and slow Chinese demand.Oil prices could stay lower for longer on OPEC's production ramp up, analysts say.Gas prices at the pump could get even cheaper just as Americans hit the highways for summer travel.Over the weekend, …