OPEC+ Countries Boost Oil Production Targets

OPEC+ countries have agreed to increase oil production in September by 188,000 barrels per day. This decision was made by seven participating countries, including Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman, as stated on the OPEC website.

The adjustment will allow these countries to accelerate the process of compensating for previous overproduction. According to OPEC, this measure will also provide an opportunity for the participating countries to achieve full conformity with the Declaration of Cooperation, including additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).

The next meeting is scheduled for September 6. This decision follows a previous agreement in April 2023, where the same seven OPEC+ countries agreed to increase their oil production targets by 188,000 barrels per day.