- OPEC raised production levels, but oil prices are still rising.
- Gas prices could rise as a result.
Nearly everyone expected the OPEC+ decision to start raising oil production on Friday, with U.S. drivers excited to get some relief from high gas prices at the start of driving season. While OPEC did indeed announce the expected decision, oil prices jumped and they look unlikely to trend downward any time soon for drivers.
OPEC ministers claimed the group would increase its overall production by a million barrels per day, but the increase is likely to be much lower because some members - Venezuela and Iran in particular - will find it difficult to increase their current level of production. Exactly how much of an increase we will see remains unclear, but the very fact that the production jump will be smaller than traders had hoped for has been enough to send prices spiking.
See the rest of the story at Business Insider
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