OPEC announces oil production increases amid record U.S. output

June 4, 2024

The Organization of Petroleum Exporting Countries plus Russia (OPEC+) announced Monday after a meeting in Saudi Arabia that crude oil production cuts, which have been a strategic staple for the alliance of small oil-rich nations for the past several years, would be phased out starting in September of this year, resulting in increased oil supply and likely lower gas prices.

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