OPEC+ continues to raise oil production by 188,000 bpd in September

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 market conditions and outlook.

OPEC+ countries consist of members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

In their collective commitment to supporting oil market stability, the seven participating countries decided to implement a production increase from the voluntary cuts announced in April 2023, the statement said. The voluntary production cuts of 1.65 million bpd were first announced in April 2023 and later extended through the end of 2026.

The decision made on Sunday marks the sixth consecutive month for the OPEC+ to ramp up its production.

According to the statement, the seven countries will flexibly adjust their production in line with evolving market conditions. They are set to meet on September 6 to decide on production levels for October.