OPEC+ Votes to Raise Oil Production for Sixth Straight Month

OPEC+ countries have agreed to raise oil production by 188,000 barrels per day (bpd) in September from August levels.

The decision was made after a virtual meeting of OPEC+, attended by seven member countries including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The increase marks the sixth consecutive month for OPEC+ to ramp up production. The participating countries have committed to supporting oil market stability and will flexibly adjust their production according to evolving market conditions.

The seven countries will meet again on September 6 to decide on production levels for October.