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 producer group is expected to wrap up its current production cut unwinding in September, but its next steps forward are anyone's guess.

The eight OPEC + countries are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman

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.…

Eight producers, led by Saudi Arabia, will continue boosting production despite forecasts that supply will soon exceed demand.

The hike is the latest in a series of accelerated output increases, as concerns mount over potential supply disruptions linked to Russia.

Eight Opec-plus producers are scheduled to meet on Sep. 7 to discuss the separate voluntary production cuts agreed by those same eight members in Apr. 2023.

Brent crude oil has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, per…