OPEC Plus Approves September Production Rise
OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have decided to increase oil production by 188,000 barrels per day for September, as part of their efforts to support oil market stability. This increase comes in full compliance with their voluntary production adjustments announced in April 2023, and they have committed to compensate for any surplus since the beginning of the year. The coalition had previously cut production quotas by about 6 million barrels per day at the end of 2022 to address declining prices and now aims to strike a balance between market stability and maintaining competitive production quotas.
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