OPEC+ raises oil production quotas for September
Seven OPEC+ members to increase output by 188,000 barrels per day — slightly higher than previous months.
OPEC+ decided at an online meeting today to raise its oil production quotas for September.
The group said seven OPEC+ countries will implement an output adjustment of 188,000 barrels per day, a slightly larger volume than in previous months.
Background and membership
OPEC was founded in 1960 in Baghdad at the initiative of Iran, Venezuela and Saudi Arabia. Its current formal members include Angola, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Congo, Saudi Arabia and Venezuela.
In addition to the formal OPEC members, ten extra oil-exporting countries — led by Russia — make up the wider OPEC+ grouping and have coordinated with OPEC on crude oil policy since 2016. Members of OPEC+ include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan.
The United Arab Emirates suspended its membership in OPEC and OPEC+ at the end of April.
Photo: press material from the event
