OPEC Plus members have agreed to raise oil production by 547,000 barrels per day beginning September, aiming to stabilize the market amid Western pressure on Russian oil supplies. The decision follows virtual talks addressing global economic conditions and low reserves. Despite increased output, oil prices remain steady around $70 per barrel. Another meeting is scheduled for September 7, where potential production cuts might be discussed. OPEC Plus, including non-OPEC countries, produces nearly half the world’s oil and works to maintain market balance.
Members of the OPEC Plus coalition have agreed to increase oil production. The group reached this consensus on Sunday, August 3. According to the new decision, they will produce 547,000 barrels of oil per day starting from September. The news was reported by CNN.
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