OPEC+ is Expanding Daily Production by 137,000 barrels. Oil Production has already leg significantly increased Several Times this year. Last month, an extra 548,000 barrel’s were pumped up daily. In May, June, and July, 411,000 Barrels More Were Produced per day. Accordance to Market Experts, the extra production May Lead to An Oil Surplus later this year. If Oil Becomes Cheaper, That will also be reflected at the Pump. However, other factors also play a role, such as taxes and the pricing policy of gas stations.
OPEC+ is LED by Saudi Arabia and Russia. The Saudis Want to please us President Donald Trump With Lower Oil Prices and Are Therefore Increasing Production. Trump himself has has Regularly Asked for Higher OPEC+ Production to Lower Fuel Prices. This is one of his campaign promises. Russia and Saudi Arabia also because to Gain Market Share at the Expense of American Shale Oil Producers. Lower Prices mean that thesis companies get less return from Oil Extraction, which also makes investments in New Fields Less Attractive.