The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, announced Sunday they will increase oil output by 547,000 barrels per day (bpd) in September.
In August, OPEC+ countries increased oil production by 548,000 barrels per day as part of a plan to gradually unwind their latest round of output cuts.
Sunday's decision was made during a virtual meeting in which member countries -- including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman -- reviewed global market conditions and the outlook, according to a statement on the OPEC website.
The statement noted that the gradual increases may be paused or reversed, subject to evolving market conditions.
OPEC+ extends oil output hike with 547,000 bpd increase in September
The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.
In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.
The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.
She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.
The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."
"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.
UNGA President warns global multilateral system "under attack"
