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OPEC+ Agrees to Oil Production Target Hike for September

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Seven members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries, collectively known as OPEC+, agreed to raise September oil output targets by 188,000 barrels per day.

In a virtual meeting on Sunday, Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman said the move is intended to bolster market stability and allow the participating countries to "accelerate their compensation," according to a same-day release.

The producers raised their August oil production targets by the same amount in July, and they plan to meet on Sept. 6 to evaluate market conditions.

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