OPEC+ Unveils Plan for 188,000 Barrels Per Day Oil Output Hike

OPEC+, an alliance of oil-producing nations, has announced plans to increase oil output by 188,000 barrels per day starting in September. This decision was made after a video conference held on August 2nd between seven member countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The production hike is part of a gradual process to unwind voluntary cuts implemented in April 2023 to maintain stability in the crude market. The OPEC Secretariat stated that these countries will reflect 188,000 barrels per day of the voluntary cut volume into their production starting from September.