OPEC Oil Production
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OPEC and its oil-producing allies have agreed to increase oil production in September.

Sunday, the organization said it will raise daily output by another 188,000 barrels a day.

The increase completes the commitment to gradually unwind a 2023 decision to cut production by more than 1.5 million barrels a day.

The group’s statement did not mention the war with Iran or disruptions to the Strait of Hormuz, but ship traffic through the strait has declined in recent weeks due to renewed strikes between the U.S. and Iran.

The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on September 6.

The seven OPEC+ countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.