OPEC+ Agrees to Raise Oil Output by 188,000 BPD in September

Seven OPEC+ member countries agreed to increase their combined oil production by 188,000 barrels per day (bpd) in September. The decision was made after a virtual meeting among Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman to review global market conditions and outlook. Under the phased unwinding of additional voluntary production cuts, each country will increase its output as follows: Saudi Arabia by 62,000 bpd, Russia by 62,000 bpd, Iraq by 26,000 bpd, Kuwait by 16,000 bpd, Kazakhstan by 10,000 bpd, Algeria by 6,000 bpd, and Oman by 5,000 bpd. The group's next meeting is scheduled for September 6.