OPEC+ continues to raise oil production by 188,000 bpd in September

Seven OPEC+ countries agreed on Sunday to raise the oil production cap in September by 188,000 barrels per day (bpd) from August levels, according to a statement published after a virtual meeting of OPEC+.

The decision made on Sunday marks the sixth consecutive month for the OPEC+ to ramp up its production. According to the statement, the seven countries would flexibly adjust their production regarding the evolving market conditions. They are set to meet on September 6 to decide on production levels for October.