Reuters: OPEC+ agrees to raise September output by 100K bpd

Citing a source familiar with the matter, Reuters reported on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, have agreed to raise the oil output by 100,000 barrels per day in September.

In a statement published following its meeting, OPEC said that insufficient investment will impact the availability of adequate oil supply to meet growing demand beyond 2023, as reported by Reuters.

“The severely limited availability of excess capacity necessitates utilizing it with great caution in response to severe supply disruptions,” the group added.