The eight OPEC+ (Organisation of the petroleum exporting countries) countries announced on Sunday that they will increase oil production by 547,000 barrels per day, in a move that analysts say is aimed at regaining market share amid resilient crude oil prices.
“The eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025, from the required production level of August 2025,” reads the joint statement issued by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
Source: CNA
Featured photo source: Scheinder Electric Blog
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