OPEC+ increases crude oil supply starting September

The OPEC+ alliance, led by Saudi Arabia and Russia, has decided to increase its crude oil supply by 547,000 barrels per day (bpd) starting September 1, thus completing the restoration of the 2.2 million barrels per day (mbpd) that was withdrawn from the market in 2023.

The decision, in line with market expectations, was made during a virtual meeting attended by ministers from the oil sector of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, the Organization of Petroleum Exporting Countries (OPEC) reported in a statement.