OPEC set to raise output by 100,000 bpd from September

Dubai: OPEC+ is set to raise oil output by a 100,000 barrels per day.

The 23-nation alliance will divide that amount proportionally between members.

Benchmark Brent oil futures jumped by around $3 per barrel on OPEC's decision on Wednesday, trading close to $102 per barrel.

The meeting highlighted concerns that insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023.

The group added that the severely limited availability of excess capacity required the oil producers to exercise caution when dipping into reserves to minimize supply disruptions.

Ministers endorsed the proposal at an online meeting on Wednesday, according to a statement on the OPEC website. There were no discussions about whether the Organization of Petroleum Exporting Countries and its allies would keep increasing production beyond September, delegates said.