OPEC boosts oil output by 188K bpd
Reports indicate that the "OPEC+" coalition plans to increase oil production by 188,000 barrels per day in September, aiming to support market stability and balance supply and demand, while committing to compensate for any excess production since January 2024. This decision was made during a virtual meeting, where countries emphasized the importance of continuing monthly meetings to monitor the market. This comes amid widespread disruptions caused by attacks on energy facilities in the region, which have led to a disruption of approximately 11.8 million barrels per day, resulting in an increase in oil prices to around $115 per barrel.
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