Story perspectives
OPEC+ Boosts Oil Production, Prices Dip Below $56
5/9/2025
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Story summary
- OPEC+ plans to increase crude oil production targets by 411,000 barrels per day in June, following May's rise.
- This announcement caused West Texas Intermediate crude oil prices to fall below $56.
- Analysts predict lower oil prices could reduce gasoline prices, though refinery maintenance restricts gas output.
- The Energy Information Administration projects declining crude oil prices until 2026, with Brent averaging $66 in 2025.