(NewsNation) — As U.S. gas prices continue to recede from record highs earlier this year, OPEC+ is set to meet Monday to weigh its next set of oil output quotas.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds and supply could be boosted by returning Iranian crude if Tehran secures a deal with world powers on its nuclear work.
The decision on oil output could play a pivotal role in where gas prices head this fall. Tom Kloza, global head of energy analysis for Oil Price Information Service, said Sunday on “NewsNation Prime” that consumers can expect prices to be more “palatable” than they were in June.
Reuters contributed to this report.