OPEC+ Boosts Oil Production for Sixth Straight Month

OPEC+ countries agreed to increase oil production by 188,000 barrels per day (bpd) in September, marking the sixth consecutive month of production increases. The decision was made after a virtual meeting attended by seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These countries reviewed global market conditions and outlook before making the announcement.

The OPEC+ group consists of members from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. In their collective commitment to supporting oil market stability, the seven participating countries decided to implement a production increase from voluntary cuts announced in April 2023. The original voluntary production cuts were 1.65 million bpd, first announced in April 2023 and later extended through the end of 2026.

The decision marks another step in OPEC+ efforts to adjust oil production levels according to evolving market conditions. The seven countries will flexibly adjust their production regarding these changing market conditions. They are set to meet on September 6 to decide on production levels for October.