OPEC+ Raises September Oil Output for Sixth Month Running, Adding 188,000 bpd
New Delhi, Aug. 2 -- VIENNA - The gradual loosening of OPEC+'s grip on global oil supply entered its sixth consecutive month on Saturday, as the cartel's core producers agreed to pump 188,000 more barrels per day in September into markets where Brent crude has remained above $100 for the past two weeks.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman approved the latest increment at their monthly review meeting, adding to a rollback of voluntary cuts that has together returned more than a million barrels a day to global supply since March. The seven countries announced 1.65 million barrels per day in combined voluntary production cuts in April 2023, a measure intended to stabilize a crude market that had been falling. S...
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