The OPEC+ alliance has confirmed an increase in oil production by 547,000 barrels per day starting in September. This decision, made by eight member countries including Saudi Arabia and Russia, marks an early end to previously established voluntary production cuts. Following an increase in production by 548,000 barrels per day in August, this adjustment aims to respond to market conditions. Brent crude oil remains near $70 per barrel, influenced by inventory changes and geopolitical factors surrounding Russian oil. The group plans to meet again on September 7 to evaluate the situation further.
The OPEC+ alliance agreed to increase oil production by 547,000 barrels per day in September, ahead of schedule, as eight member countries boost output.
Brent crude oil has been trading near $70 per barrel, potentially due to a loss of Russian oil in the market and rising crude inventories in China.
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