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The move could lower oil and gasoline prices amid low oil inventories, and follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August.

OPEC+ is discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.

OPEC+ agreed to surge output again in June, as the group’s leaders continue an accelerated revival of supply aimed at punishing overproducing members that has sent crude prices plunging.

President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil” and reiterated his threat to use tariffs to bring manufacturing back to the U.S. 

Global oil prices are falling sharply after a retaliatory strike by Israel over the weekend targeted Iranian military sites rather than its energy infrastructure as had been feared.

U.S. oil production will decline if the corporate-acquisition spree sweeping the shale sector is prolonged, according to a Federal Reserve Bank of Dallas survey.

OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.

The U.S. sees oil production flatlining for most of this year before reaching a new record in early 2025. That would ease concerns about a supply glut that has weighed on prices.

The global oil market is looking increasingly local as militant attacks in the Red Sea and surging freight rates make supplies from closer to home more attractive.

The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, an Energy Department official said Dec. 4.