OPEC+ Boosts Oil Production for Sixth Straight Month

The OPEC+ alliance has agreed to raise its oil production by 188,000 barrels per day in September. This decision marks the sixth consecutive month of increased production for the group.

The participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They reviewed global market conditions and decided to implement a production increase from voluntary cuts announced in April 2023.

The voluntary cuts were 1.65 million bpd, which were extended through the end of 2026. The countries will adjust their production levels flexibly according to evolving market conditions.