OPEC+ Boosts Oil Production for Sixth Consecutive Month

OPEC+ countries agreed to raise oil production by 188,000 barrels per day (bpd) in September, marking the sixth consecutive month for the group to increase output. The decision was made following a virtual meeting of OPEC+, which included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The seven countries reviewed global market conditions and outlook before implementing the production increase from voluntary cuts announced in April 2023.

The voluntary production cuts of 1.65 million bpd were first announced in April 2023 and extended through the end of 2026. OPEC+ countries aim to support oil market stability by flexibly adjusting their production levels according to evolving market conditions. They are set to meet on September 6 to decide on production levels for October.