OPEC+ Ramps Up Oil Production Amid Geopolitical Tensions
OPEC+ has decided to raise oil production by 547,000 barrels per day for September, reversing previous cuts. This move aims to regain market share amid concerns of supply disruptions linked to Russia. The group, facing geopolitical pressures, will meet again in September to address potential further cuts.
OPEC+ has announced an increase in oil production by 547,000 barrels per day for September, marking a strategic reversal of its previous output cuts. This decision comes as concerns grow over supply disruptions related to Russia, aiming to secure market share.
During a brief virtual meeting, eight OPEC+ members responded to increased U.S. pressure on India to reduce Russian oil purchases, a move linked to Washington's attempts to facilitate peace talks with Ukraine. The members cited a robust economy and low oil stocks as factors in their decision.
Despite rising production, oil prices remain elevated with Brent crude priced near $70 a barrel. OPEC+ plans another meeting in September to potentially consider reinstating production cuts, while managing geopolitical challenges and maintaining market stability.
(With inputs from agencies.)
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