{"id":362153,"date":"2026-07-07T01:41:42","date_gmt":"2026-07-06T20:11:42","guid":{"rendered":"https:\/\/ebiztoday.news\/?p=362153"},"modified":"2026-07-07T01:41:43","modified_gmt":"2026-07-06T20:11:43","slug":"opec-agrees-to-higher-oil-production-to-support-oil-market-stability-national","status":"publish","type":"post","link":"https:\/\/ebiztoday.news\/index.php\/2026\/07\/07\/opec-agrees-to-higher-oil-production-to-support-oil-market-stability-national\/","title":{"rendered":"OPEC+ agrees to higher oil production \u2018to support oil market stability\u2019 &#8211; National"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<p>After the Iran war choked off a couple of fifth of the world\u2019s oil supply for several months, the world\u2019s largest alliance of oil-producing nations agreed to extend its quota by one other 188,000 barrels per day starting next month.<\/p>\n<p>Higher oil supplies can often translate to lower gas prices for consumers filling up at pumps.<\/p>\n<p>The Organization of the Petroleum Exporting Countries (OPEC+) said in an announcement Sunday after having a daily meeting that seven of its 12 member nations \u2014 Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman \u2014 agreed to the voluntary production increase.<\/p>\n<p>The Iran war caused chaos for global energy markets as supplies of oil, liquid natural gas, fertilizer, helium and other resources became constrained and risked spiking inflation \u2014 including in Canada.<\/p>\n<p>Higher oil prices in the course of the conflict caused consumer gas prices to succeed in near record levels in the course of the Spring.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>OPEC+ said those core nations got here to the choice \u201cof their collective commitment to support oil market stability.\u201d<\/p>\n<p>Although the alliance has hiked their output quotas from April through July by almost 800,000 barrels per day, production levels are still playing catchup.<\/p>\n<div class=\"c-inlineSignup\" data-newsletter-inline=\"\">\n<div class=\"c-inlineSignup__image\">\n\t\t\t\t<img decoding=\"async\" width=\"170\" height=\"225\" loading=\"lazy\" src=\"https:\/\/globalnews.ca\/wp-content\/themes\/shaw-globalnews\/images\/skyline\/national.jpg\" alt=\"Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.\">\n\t\t\t<\/div>\n<div class=\"c-inlineSignup__content\">\n<h2 class=\"c-inlineSignup__title\">Get each day National news<\/h2>\n<p>Get each day Canada news delivered to your inbox so you will never miss the day&#8217;s top stories.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>OPEC+ output fell to 33.13 million barrels per day in May, based on OPEC data, from 42.77 million barrels per day in February. It began to recuperate in June due to U.S. efforts to assist the UAE and other OPEC+ nations export more oil, but continues to be below pre-war levels.<\/p>\n<div class=\"l-article__part\" data-shortcode=\"related_videos\">\n<div class=\"l-inlineStories l-inlineStories--video\">\n<p>\n\t\t\t\t\t\t<span class=\"l-inlineStories__title\">Related Videos<\/span>\n\t\t\t\t\t<\/p>\n<section id=\"miniplayer-carousel\" class=\"l-videoCarousel l-videoCarousel--embed c-carousel\" data-video-carousel-play-inline=\"true\" data-video-carousel-init=\"false\" aria-label=\"Video carousel contains 5 videos.\">\n<div class=\"l-videoCarousel__inner\">\n<div class=\"l-videoCarousel__featured\">\n<div class=\"c-video c-videoPlay \" data-iframe-receiver=\"\" data-autoplay=\"\" data-displayinline-featured=\"true\" data-displayinline-type=\"video\" data-displayinline-player-id=\"miniplayer\" data-displayinline-video-id=\"11953202\" data-displayinline-ratio=\"16:9\" data-displayinline=\"https:\/\/globalnews.ca\/video\/embed\/playlist\/11953202,11950125,11902107,11876862,11856051\/?poster=https%3A%2F%2Fi2.wp.com%2Fmedia.globalnews.ca%2Fvideostatic%2Fnews%2Fba8pqledzx-q31he0b9a7%2F2026_07_04_PIPELINE_REAX_WEB.jpg%3Fw%3D1200%26quality%3D70%26strip%3Dall#autoplay&#038;stickyiframe=miniplayer\" data-displayinline-playlist=\"11953202,11950125,11902107,11876862,11856051\" data-displayinline-sticky=\"true\" data-permutive-data='{\"content\":{\"name\":\"Proposed West Coast pipeline clears major hurdle\",\"type\":\"video\",\"sections\":[\"videos\",\"bc\",\"calgary\",\"edmonton\",\"lethbridge\",\"ottawa\",\"canada\",\"economy\",\"environment\",\"politics\"],\"keywords\":[\"alberta\",\"b-c\",\"federal-government\",\"oil\",\"private-investors\",\"richard-masson\",\"route\",\"short-clip\",\"southern\",\"west-coast-pipeline\",\"global-news-morning-bc\"],\"iab\":{\"categories\":[\"Business and Industrial\",\"Business and Industrial\/Energy and Utilities\",\"Business and Industrial\/Energy and Utilities\/Oil and Gas\"],\"tags\":[\"2026 Iran war\",\"Barrel (unit)\",\"Canada\",\"Consumer\",\"Extraction of petroleum\",\"Gas\",\"Gasoline\",\"Gasoline and diesel usage and pricing\",\"Helium\",\"Inflation\",\"Iran\",\"Iraq\",\"Liquefied natural gas\",\"Middle East\",\"Natural gas\",\"Oil tanker\",\"Oman\",\"OPEC\",\"Persian Gulf\",\"Petroleum\",\"Price of oil\",\"Production quota\",\"Reuters\",\"Russia\",\"Saudi Arabia\",\"Strait\",\"Strait of Hormuz\",\"United Arab Emirates\",\"United States\",\"West Texas Intermediate\"]}}}'>\n<div class=\"c-video__inner \">\n\t\t\t\t\t<span class=\"c-video__placeholder\"><br \/>\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-video__image\" alt=\"Click to play video: 'Proposed West Coast pipeline clears major hurdle'\" width=\"640\" height=\"360\" src=\"https:\/\/i2.wp.com\/media.globalnews.ca\/videostatic\/news\/ba8pqledzx-q31he0b9a7\/2026_07_04_PIPELINE_REAX_WEB.jpg?w=1040&#038;quality=70&#038;strip=all\" loading=\"lazy\" srcset=\"\" sizes=\"auto, \" data-sizes=\"(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px\"><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__overlay\"><\/p>\n<p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<time class=\"c-video__duration\">4:56<\/time><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__title\">Proposed West Coast pipeline clears major hurdle<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"l-videoCarousel__glide glide \">\n<div class=\"glide__arrows c-carousel__buttons l-videoCarousel__buttons\" data-glide-el=\"controls\">\n\t<button class=\"glide__arrow glide__arrow--left c-carousel__button c-carousel__prev l-videoCarousel__button l-videoCarousel__prev c-longform-gallery__prev\" data-glide-dir=\"<\"><\/p>\n<p>\t\t<span class=\"sr-only\">Previous Video<\/span><br \/>\n\t<\/button><br \/>\n\t<button class=\"glide__arrow glide__arrow--right c-carousel__button c-carousel__next l-videoCarousel__button l-videoCarousel__next c-longform-gallery__next\" data-glide-dir=\">&#8220;><\/p>\n<p>\t\t<span class=\"sr-only\">Next Video<\/span><br \/>\n\t<\/button><br \/>\n\t\t<button class=\"c-carousel__goto\" data-glide-dir=\"=0\" aria-hidden=\"true\" tabindex=\"-1\"><\/button>\n\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t\t<!-- video stream item --><\/p>\n<\/section><\/div>\n<\/p><\/div>\n<p>Less available oil amid heightened demand for things like gasoline and jet fuel drives up costs for those products, which in turn can send a ripple effect to only about all the things else getting costlier.<\/p>\n<div class=\"c-tabs\">\n<p>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab c-tabs__tab--active\" type=\"button\">More on World<\/button><br \/>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab\" type=\"button\">More videos<\/button>\n\t\t<\/p>\n<\/p><\/div>\n<p>Oil prices have been on the decline since Middle East tensions began easing last month, and after the U.S. and Iran signed a peace agreement.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>The Strait of Hormuz, a narrow shipping channel within the Persian Gulf region, normally sees about 20 per cent of the world\u2019s oil and other supplies go through every day, however the Iran war brought most container traffic on the strait to a near standstill for several months.<\/p>\n<p>For the reason that peace agreement was signed last month, ships have began moving through the strait once more. Nonetheless, it would be a while before oil and gas prices stabilize after several months of armed conflict.<\/p>\n<p>The U.S. oil price, or West Texas Intermediate, sits below $69 per barrel as of publication, and that\u2019s down from over $90 lower than a month ago, and down from a recent peak of about $113 in April.<\/p>\n<p>As of publication, the national average for normal gasoline in Canada was about $1.61 per litre, based on CAA, and down greater than a dime from a month earlier. While that\u2019s still well above the $1.35 from one yr ago, it\u2019s also much lower than this yr\u2019s peak thus far of $1.90, seen in May.<\/p>\n<p>OPEC+ will meet again to debate oil markets and production levels for September on Aug. 2.<\/p>\n<p><em>\u2013 with a file from Reuters.<\/em><\/p>\n<\/p><\/div>\n<div>\n<p>\n\t\t&#038;copy 2026 Global News, a division of Corus Entertainment Inc.\t<\/p>\n<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the Iran war choked off a couple of fifth of the world\u2019s oil supply for several months, the world\u2019s largest alliance of oil-producing nations agreed to extend its quota by one other 188,000 barrels per day starting next month. Higher oil supplies can often translate to lower gas prices for consumers filling up at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":362154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20691],"tags":[1456,462,962,1903,2667,35049,4165,3504,712],"class_list":["post-362153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-agrees","tag-higher","tag-market","tag-national","tag-oil","tag-opec","tag-production","tag-stability","tag-support"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"After the Iran war choked off a couple of fifth of the world\u2019s oil supply for several months, the world\u2019s largest alliance of oil-producing nations agreed to extend its quota by one other 188,000 barrels per day starting next month. 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