RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.
In a statement issued on Sunday, the group emphasized its continued flexibility, noting that the gradual phase-out of voluntary production cuts could be paused or reversed depending on evolving market conditions.
This approach, it said, ensures the alliance’s ability to respond swiftly and maintain balance in global oil markets.
The decision marks the final stage of a phased reversal of the 2.2 million bpd voluntary production cuts implemented by eight OPEC+ members in 2023, a move initially aimed at stabilizing prices amid economic uncertainty.
“The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the statement read.
