OPEC+ boosts September production by 188,000 barrels per day

OPEC+ members, including Saudi Arabia and Russia, have agreed to boost oil production by 188,000 barrels per day from September. This decision was made in an online meeting by seven key countries, which also include Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The production increase is the sixth consecutive monthly rise and follows the group's aim to unwind voluntary cuts agreed in 2023. According to The National UAE, these cuts totalled 1.65 million barrels per day.

The countries will continue to hold monthly meetings to review market conditions, with the next meeting scheduled for September 6. Jorge Leon, an analyst at Rystad Energy, noted that today's decision changes little in the near term due to current disruptions, but the real market impact will come when normal export flows resume.

Brief written by urgent.news from Punch Nigeria, Free Malaysia Today, The National UAE, Al-Monitor — 4 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.