OPEC+ Members Raise Oil Production Cap by 188,000 Bpd for September

OPEC+ members agreed to raise their oil production cap by 188,000 barrels per day in September after a virtual meeting. The seven countries participating in this decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The increase will be implemented within the framework of voluntary reductions first introduced in April 2023. Those curbs have since been rolled over through the end of 2026.

This marks the sixth consecutive month in which OPEC+ has moved to increase output from reduced baselines.