Russia, Saudi Arabia, other OPEC+ countries raising oil production for 'market stability'
Seven OPEC+ countries, including Russia and Saudi Arabia, will increase oil production by 188,000 barrels per day starting in June to support 'market stability.' The national average price for a gallon of gas was $4.45 as of Sunday, up from $2.98 before the war in Iran began.
Seven OPEC+ countries, including Russia and Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to increase oil production by 188,000 barrels per day. The move aims to support 'market stability' amid throttled world oil supplies due to the blockade of the Strait of Hormuz and damaged facilities from the war in Iran. The increased production will begin in June, with most of the increase coming from Saudi Arabia and Russia. The Strait of Hormuz is a critical 'bottleneck' for the world's oil supply, with 18-20 million barrels per day transiting the strait. The national average price for a gallon of gas was $4.45 as of Sunday, according to AAA. University of Houston energy economist Ed Hirs said gas prices should remain higher 'at least through the end of the year, at a very minimum.'
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