The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced plans to boost oil production by 137,000 barrels per day (bpd) starting in October.
In a statement released after a virtual meeting, the participating nations including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman said the decision was based on a review of global market conditions and a positive economic outlook.
The increase will come from the 1.65 million bpd voluntary production cuts introduced in April 2023, which are scheduled to last until the end of 2026. OPEC noted that the restoration of output will be gradual and dependent on evolving market dynamics.
The eight-member group will reconvene on October 5 to discuss further adjustments.
