OPEC+ Raises Oil Production for Sixth Consecutive Month

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to increase oil production by another 188,000 barrels per day in September. This marks the sixth consecutive month that OPEC+ has raised its production levels.

The decision was made during a virtual meeting of OPEC+, which included seven countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These countries will increase their oil production from voluntary cuts announced in April 2023.

OPEC+ has been gradually increasing its production levels since the end of last year's voluntary cuts. The group had previously committed to reducing oil production by 1.65 million barrels per day through the end of 2026, but is now ramping up production instead.