OPEC+ Raises Oil Production for Sixth Consecutive Month

OPEC+ member countries have decided to increase oil production by 188,000 barrels per day (bpd) in September. This is according to a statement published after a virtual meeting of OPEC+, which was attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The decision was made on Sunday and marks the sixth consecutive month for OPEC+ to raise production levels. The increase comes from voluntary cuts announced in April 2023, which were first implemented at 1.65 million bpd.

OPEC+ countries will flexibly adjust their production according to evolving market conditions. They are set to meet on September 6 to decide on production levels for October.