OPEC+ to Boost Oil Production by 188K Barrels Per Day in September
The Organization of the Petroleum Exporting Countries (OPEC) and seven member countries of the broader OPEC+ alliance have agreed to increase oil production by 188,000 barrels per day starting in September. This decision was made following a video conference held on the 2nd, during which the group reviewed global market conditions and outlooks.
The seven nations - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - had previously announced voluntary production cuts in April and November 2023. Now, they have decided to adjust these cuts by 188,000 barrels per day, aiming to support crude market stability.
This new production adjustment is scheduled to take effect in September and will be closely monitored through monthly regular meetings. The OPEC+ alliance aims to maintain a stable global crude market.