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.