Home›Commodities›Energy›OPEC+ to raise September oil output by 188,000 bpd

OPEC+ to raise September oil output by 188,000 bpd

West Texas Intermediate was down 6.1% on the day at $81.20 after the group’s decision.

Reported · Written up by our desk · Energy

OPEC+ agreed to increase oil production by 188,000 barrels per day starting in September, citing ongoing supply disruptions tied to the Middle East war, according to FXStreet.

The group said the seven participating countries will implement the production adjustment through a quota change, and it has raised quotas each month during the Iran war period even as regional supply remains constrained.

Following the announcement, WTI was indicated down 6.15% on the day, trading around $81.20, with the move reflecting the direct link between OPEC+ supply decisions and global crude prices.

WTI is a widely used benchmark for the oil market and is predominantly traded in US dollars, meaning changes in the US dollar can also affect the contract’s level alongside supply and demand dynamics.

Latest closeWTI crude $86.80 ▲3.8%

More like this

Sources