OPEC+ Raises Oil Production Amid Global Tensions
OPEC+ has agreed to increase oil production by 547,000 barrels per day in September to regain market share, amid potential supply disruptions tied to Russia. This move, driven by U.S. pressure and a drive to support prices and market stability, comes ahead of a potential further reinstatement of output cuts.
In a significant move, OPEC+ announced a hike in oil production by 547,000 barrels daily, set to take effect this September. This decision is a strategic bid to regain market share amidst growing concerns over Russia-related supply disruptions.
The announcement follows a brief virtual meeting of eight OPEC+ members. The increased production aligns with a series of output hikes executed earlier this year, prompted partly by the need to counterbalance elevated oil prices and stabilize market dynamics.
Despite rising output, Brent crude prices remain high, closing near $70 a barrel. This development reflects sustained market demand as OPEC+ prepares for another meeting on September 7, where additional output cuts may be discussed.
(With inputs from agencies.)
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