WASHINGTON (TNND) — The OPEC+ oil cartel said over the weekend that several members will ramp up production for the third consecutive month in another potential hit to a struggling U.S. oil industry that is being hit by low prices and tariffs that have made it more expensive to operate.

In a release, OPEC+ said a “steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” supported its July increase. Analysts said it is likely the group will not reach its additional quota but is the addition of supply to the market could still hit American producers, who have higher costs for production than their OPEC counterparts.

Saudi Arabia and Russia are trying to win back market share through increased production with the Saudis receiving the

See Full Page