Opec+ Raises Crude Output by 188k bpd for September Amid Ongoing Middle East Tensions

Opec+ has confirmed an increase in crude oil production for September, marking the sixth consecutive month of output expansion.

The decision comes as tensions in the Middle East remain high and attacks on Red Sea shipping continue to threaten global energy supply chains. Seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise production during a virtual meeting, while also committing to review global market conditions and outlook.

The September increase follows earlier monthly rises of 206,000 barrels per day for April and May. The measure will give participating nations an opportunity to accelerate their compensation for previous shortfalls, according to the Opec+ statement.