OPEC+ Agrees to Raise Oil Production Quota in September

Seven OPEC+ countries agreed on Sunday to increase the maximum oil production limit in September by 188,000 barrels per day from August levels, according to a statement released after a virtual meeting. The decision marks the sixth consecutive month that OPEC+ has increased oil production. The decision was announced following a meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global market conditions and prospects. The OPEC+ countries consist of members of the Organization of the Petroleum Exporting Countries (OPEC) and its partners. In their collective commitment to supporting oil market stability, the seven participating countries decided to increase production through a gradual unwinding of the voluntary production cuts announced in April 2023, the statement said. The voluntary production cuts of 1.65 million barrels per day were first announced in April 2023 and subsequently extended until the end of 2026. According to the statement, the seven countries will flexibly adjust their production according to evolving market conditions. They are scheduled to meet on 6 September to decide production levels for October.