OPEC+ Boosts Oil Production by 188,000 Barrels for Sixth Consecutive Month

OPEC+ has increased oil production for the sixth consecutive month, raising the limit by 188,000 barrels per day in September compared to August.

The decision was made after a virtual meeting on Sunday, August 2, involving seven countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The increase is part of a joint commitment to support oil market stability, according to an OPEC+ statement. The countries also reviewed global market conditions and prospects before agreeing to the additional production.