OPEC+ Boosts Oil Output for Sixth Consecutive Month

OPEC+, the group of oil-producing countries led by Saudi Arabia and Russia, has agreed to increase its production cap for September. According to a statement released after their virtual meeting on August 3rd, the seven participating countries will raise their output by 188,000 barrels per day (bpd) from August levels.

This decision marks the sixth consecutive month that OPEC+ has increased its production. The group emphasized that they would 'flexibly adjust' their production in response to changing market conditions.

The seven countries involved in this agreement have committed to review and adjust their production levels again on September 6th, when they will decide on output for October.