OPEC+ boosts September oil output by slower pace than previous months
The OPEC oil cartel and its allies decided on Wednesday to boost production in September by a much slower pace than in previous months at a time of high oil prices and unstable energy supplies exacerbated by the war Russia has waged on Ukraine.
The OPEC+ coalition said it will increase output to 100,000 barrels a day next month after raising it by by 648,000 barrels per day in July and August.
The group considered what effects staggering inflation and rising COVID-19 rates may have on global demand for fuel in the fall, with gasoline prices at the pump still high.
OPEC, led by Saudi Arabia, and its allies, led by Russia, curtailed production during the pandemic as oil prices and demand plummeted, and those cuts are due to expire in September.
