OPEC Agrees to Boost Oil Production by 188K Barrels in September

OPEC and its oil-producing allies have agreed to increase oil production in September, completing their commitment to unwind a 2023 decision to cut production by more than 1.5 million barrels a day.

The group will raise daily output by another 188,000 barrels a day in September, according to a statement from the organization.

The increase marks the next step in gradually unwinding the 2023 production cuts, which were implemented to address market volatility.