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OPEC+ agree on 100K b/d quota increase for September

Oil

The OPEC+ coalition has agreed to increase their collective crude oil production quota by 100K b/d m-o-m in September, according to Argus. The quota hike is set to be distributed among the 23 member nations on a pro-rata basis, however with many producers in the group struggling to boost production in recent months it is currently unclear as to how much will be achieved. The next OPEC+ meeting is currently scheduled to take place on 5 September.