OPEC+ Agrees to Raise Output by 547,000 bpd for Sept

In a statement, OPEC+ cited a healthy economy and low stocks as reasons behind its decision

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LONDON: OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day (bpd) for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia, Reuters reported.

The move marks a full and early reversal of OPEC+'s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4 percent of world demand.

Eight OPEC+ members held a brief virtual meeting, amid increasing US pressure on India to halt Russian oil purchases - part of Washington's efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. President Donald Trump said he wants this by August 8.