The OPEC headquarters in Vienna, Austria. [Reuters]
The OPEC headquarters in Vienna, Austria. [Reuters]

Seven members of OPEC+, the alliance of the Organization of the Petroleum Exporting Countries and major oil-producing nations, agreed Sunday (local time) to raise crude output by 188,000 barrels per day starting in September, aiming to stabilize global oil markets.

The OPEC secretariat said in a statement that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held a video conference that day, reviewed global market conditions and the outlook, and reached the decision.

The seven countries had previously announced voluntary production cuts in April and November 2023. Under their shared goal of supporting oil market stability, they agreed to adjust those voluntary cuts by 188,000 barrels per day starting in September.

The output adjustment takes effect in September.

OPEC+ said it will continue to hold regular monthly meetings to closely monitor oil market conditions. The next meeting is scheduled for Sept. 6.


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