OPEC+ Agrees September Oil Production Boost, Gas Prices Expected Lower

OPEC+ has announced an increase in oil production by 547,000 barrels per day starting in September, ending voluntary production cuts made in 2023 ahead of schedule. This move, involving key members such as Saudi Arabia, Russia, and the UAE, aims to address steady global economic conditions and low oil inventories, potentially leading to lower oil and gasoline prices. Despite this, Brent crude oil prices remain near $70 per barrel, influenced by factors including potential U.S. sanctions on Russian energy and rising crude inventories in China. Gasoline prices in the U.S. have shown slight increases recently, with the national average at $3.11 per gallon, but remain significantly lower than a year ago, and analysts expect possible declines in the coming weeks due to increased supply and economic headwinds. The increase in oil production aligns with reduced demand anticipated after the summer driving season, possibly easing prices just as consumer travel slows. President Trump continues to influence related economic policies, including potential sanctions on Russian energy and Federal Reserve appointments that may impact future economic conditions.