OPEC+ to continue to ramp up oil output

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, announced the decision on Sunday to increase oil output by 547,000 barrels per day (bpd) in September, reported Xinhua.

In August, the OPEC+ countries saw an oil output increase of 548,000 bpd amid a plan to gradually unwind their most recent layer of output cuts.

Sunday's decision was made during a virtual meeting where member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and outlook, according to a statement on the OPEC website.

The statement noted that the gradual increases may be paused or reversed subject to evolving market conditions.