OPEC+ Approves 3rd Oil Output Increase as Hormuz Tensions Persist
Gas prices reached as high as $6.10 per gallon in California on Sunday, according to the AAA. The national average hit $4.44 per gallon.
TL;DR
- Seven OPEC+ member countries will increase oil output targets by 188,000 barrels per day in June.
- This is the third consecutive monthly increase by the alliance.
- The increase involves easing voluntary production cuts implemented in 2023 by key producers.
- OPEC countries control approximately 72 percent of total world crude oil reserves.
- OPEC has the ability to significantly influence oil prices.