OPEC+ Approves September Oil Production Hike

The OPEC+ alliance has decided to increase oil production quotas by approximately 188,000 barrels per day for September. The seven member countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - made this decision in a joint statement following a virtual meeting on August 2.

This move reflects their collective commitment to supporting stability in the global oil market. The production adjustment of 188,000 bpd is part of additional voluntary production adjustments first announced in April 2023.

The OPEC+ alliance had previously agreed to reduce production quotas in three phases amid concerns over weakening oil prices in late 2022, resulting in a total supply cut of around 6 million barrels per day.