OPEC+ Agrees to Raise Oil Production by 188k bpd in September

OPEC+, a group of leading oil producers, has agreed to increase their collective oil production by 188,000 barrels per day (bpd) in September. This decision was made at a recent meeting, where seven countries implemented voluntary output cuts.

The countries that will see an increase in their production quotas are Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Algeria. Russia's quota will rise by 62,000 bpd to 9.949 million bpd, while Saudi Arabia's quota will also increase by 62,000 bpd to 10.478 million bpd.

The other countries' quotas will see smaller increases: Iraq by 26,000 bpd to 4.431 million bpd, Kuwait by 16,000 bpd to 2.676 million bpd, Kazakhstan by 10,000 bpd to 1.628 million bpd, Algeria by 6,000 bpd to 1.007 million bpd, and Oman by 5,000 bpd to 841,000 bpd.

The countries have also agreed to continue holding monthly meetings to assess market conditions. The next meeting is scheduled for September 6.