Business
OPEC and Allies Agree to Small Production Hike in September
The countries, lead by Saudi Arabia and Russia, and also including Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise production by another 188,000 barrels a day. The group has steadily raised production throughout the months of the Iran war despite supply chain disruptions caused by curtailed flow of oil through the Strait of Hormuz.
The group, which met virtually on Sunday to approve the production increase, said it was committed to supporting oil market stability and that the move “will provide an opportunity for the participating countries to accelerate their compensation.”
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