OPEC+ Countries Boost Oil Production Targets by 188,000 Barrels

OPEC+ countries have agreed to increase their oil production targets by 188,000 barrels per day in September. This decision was made at a recent meeting and announced on the OPEC website.

The seven participating countries, including Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman, will implement this production adjustment from additional voluntary adjustments announced in April 2023. By doing so, they aim to accelerate the process of compensating for previous overproduction.

This move is expected to provide an opportunity for participating countries to accelerate their compensation. The OPEC+ countries reaffirmed their collective commitment to achieving full conformity with the Declaration of Cooperation and additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).