OPEC+ Raises Oil Production by 188,000 bpd in September

Seven OPEC+ countries have agreed to increase oil production in September by 188,000 barrels per day (bpd) from August levels. This decision was made during a virtual meeting of OPEC+, which included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The participating countries reviewed global market conditions and outlook before deciding to implement the production increase from voluntary cuts announced in April 2023. These voluntary production cuts, amounting to 1.65 million bpd, were first announced in April 2023 and have been extended through the end of 2026.

This marks the sixth consecutive month for OPEC+ to ramp up its production, with countries set to flexibly adjust their production regarding evolving market conditions.