Vienne, 7 September 2023 (Xinhua) -- OPEC+ has decided to increase production by 1.37 million barrels per day starting in October, the organization said in a statement on Monday.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on the day to discuss the current situation and prospects of the international oil market.

The statement said that in view of the current stable global economic growth expectations, solid market fundamentals and low oil inventories, the eight countries decided to adjust production. In order to maintain the stability of the oil market, the eight countries will flexibly adjust the pace of production increase according to market conditions.

The above countries increased their daily production by 5.47 million barrels on average in September.

As an integrated internet platform providing benchmark prices; On September 10th, the benchmark price of WTI crude oil by SunSirs was $62.26 per barrel, a decrease of 3.62% compared with the beginning of this month ($64.60 per barrel).

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