OPEC and its allies (OPEC+) agreed to a 100,000 bpd increase in output for September, slowing output increases they made earlier amid heightened concerns that global monetary policy tightening will slows down growth.
The cartel’s energy ministers adopted the proposal at their meeting today, Bloomberg reports citing sources.
For July and August, the cartel had committed to adding more than 600,000 barrels a day to the market.
The Agency’s latest move is not, however, expected to give respite to consumers who have seen prices rally in recent months, driving up inflation.
Brent pared losses and was up 1.3% at $101.87 a barrel after the OPEC+ decision.
The 23-nation alliance will proportionally share the increase in production among its members. In recent months, however, only Saudi Arabia and the United Arab Emirates have managed to boost their production, with the result that only a small part of the increase has reached global markets.
Source: Capital
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