OPEC to slightly raise oil output in September

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a slight production boost in September despite calls for speedier increases to rein in high crude prices.

The oil alliance decided to increase production by 100,000 barrels per day (bpd) for September, according to an OPEC statement released after the 31st OPEC and non-OPEC Ministerial Meeting.