(MENAFN) On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) and its allied producers, collectively known as OPEC+, declared they will raise oil output by 547,000 barrels per day (bpd) starting in September.

This move follows an increase of 548,000 bpd in August, as part of OPEC+’s strategy to slowly roll back the latest round of production cuts.

The decision emerged from a virtual meeting attended by key members such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. During the session, they evaluated the current global oil market dynamics and future projections, according to a release on the OPEC website.

The statement emphasized that these incremental output rises could be halted or even reversed depending on how market conditions develop.

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