OPEC+ Countries Agree to Boost Oil Production by 188,000 Barrels per Day

Today, Sunday, OPEC+ member countries Algeria and six others decided to increase their collective oil production by 188,000 barrels per day starting in September. The decision was made during a ministerial meeting held via videoconference, which included seven participating countries: Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, the Sultanate of Oman, and Russia.

The seven countries agreed to implement an upward adjustment to their collective production as part of the gradual phase-out of voluntary production cuts that began in April 2023. This move comes amid a need for vigilance and continuous monitoring of global oil market developments, according to a statement from the Ministry of Hydrocarbons.