OPEC+ Nations to Boost Oil Production Amid Global Economic Stability
OPEC+ member countries have announced an increase in oil production by 547,000 barrels per day starting in September 2023. The decision, expected to impact global oil and gasoline prices positively, comes on the heels of economic stability and is ahead of the initially scheduled phase-out of production cuts.
In a significant development, OPEC+ nations have agreed to increase oil production by 547,000 barrels per day starting September 2023. The move, which aims to stabilize oil and gasoline prices, comes after earlier voluntary production cuts opted by the alliance members.
The alliance, which includes heavyweight oil producers Saudi Arabia, Russia, and others, announced the decision after a virtual meeting, marking an early end to the production cuts that were initially planned to phase out by September 2026.
Amid this backdrop, Brent crude remains high near USD 70 per barrel, influenced by geopolitical tensions and variations in global oil inventories. The group plans to reconvene on September 7 to reassess production agendas.
(With inputs from agencies.)
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