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OPEC+ Boosts Flagging Prices

June 09, 2023

With summertime fun in full swing and temperatures rising, OPEC+ has announced broad measures to boost flagging oil prices.

  • Saudi Arabia plans to reduce July production to 9 million BPD (barrels per day). That's 1 million less than in May.
  • OPEC+ has extended production cuts into 2024, which may increase market stability.

What will this mean at the pump? Although increased prices are likely, the U.S. could take action to help offset some of the pressure on prices.

However, it's simply too early to say with certainty what the future will hold. Rest assured that I'll continue to monitor changes in the energy market as events unfold.