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OPEC+ to Boost Oil Output by 188K Barrels
OPEC+ countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have decided to increase oil production by 188,000 barrels per day starting from September 2026. This move aims to support the stability of the global oil market and compensate for excess production volumes since the beginning of 2024. The countries confirmed that this step is part of following up on previous voluntary adjustments and that they will continue to hold monthly meetings to review market developments and take necessary measures. They also emphasized their full commitment to offsetting production gaps to ensure the stability of the global oil market.
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