OPEC+ Boosts Oil Output Amid Global Demand Surge

Eight OPEC+ countries have agreed to increase oil production by 548,000 barrels per day in September, responding to global demand. This decision was made during a Sunday meeting, as two sources indicated, highlighting the group's ongoing efforts to manage oil supply and stabilize market conditions.

In a significant move to address rising global oil demand, eight OPEC+ countries have decided to increase their collective oil output by 548,000 barrels per day in September. This decision was made during a meeting on Sunday, as reported by two OPEC+ sources.

The increase in oil production comes as the international community deals with fluctuating energy demand and supply constraints. OPEC+ aims to ensure a more balanced oil market and address potential shortages.

This strategic output rise by OPEC+ underscores its role in influencing global oil markets and stabilizing prices, as economies worldwide strive to recover from pandemic-related disruptions.

(With inputs from agencies.)