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OPEC+ Boosts Output Amid Oil Price Drop | San Antonio News
OPEC+ is ramping up oil production by 188,000 barrels a day for August, marking the fifth straight month of increases as Saudi Arabia, Russia, and Algeria lead the push to stabilize markets. Prices have plummeted to under $72 a barrel—down from nearly $120 in March—after global supply chains were disrupted by the Iran-U.S. conflict. While an interim deal has eased shipping through the Strait of Hormuz, traffic remains below pre-conflict levels and Iran continues issuing warnings to tankers. Experts predict Gulf oil output won’t fully recover until early 2027, with ripple effects already felt…
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