OPEC+ continues to raise oil production by 188,000 bpd in Sept
Seven OPEC+ countries agreed on Sunday to raise the oil production cap in September by 188,000 barrels per day (bpd) from August levels, according to a statement published after a virtual meeting of OPEC+. The decision was announced following the meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which reviewed global ...
OPEC+ countries, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have decided to increase oil production by 188,000 barrels per day (bpd) in September, the Organization of the Petroleum Exporting Countries reported following a virtual meeting. The decision, carried out after reviewing global market conditions and outlook, is part of the group's commitment to supporting oil market stability.
The voluntary production cuts, initially announced in April 2023, were later extended through the end of 2026 and have been implemented for six consecutive months. This marks the seventh consecutive increase in OPEC+ production. The countries agreed to adjust their production levels flexibly depending on evolving market conditions. They are scheduled to meet on September 6 to determine production levels for October.
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