OPEC+ Decision to Increase Oil Production
Seven OPEC+ member countries have decided to increase oil production by 188,000 barrels per day in September.
The OPEC+ group, comprising members of the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC oil producers, will increase oil production by 188,000 barrels per day (bpd) in September, in line with market expectations.
According to a statement from OPEC, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held an online meeting to assess global market conditions and the outlook.
During the meeting, the countries agreed to raise their combined oil production by 188,000 bpd starting in September, in line with their “shared commitment to supporting stability in the oil market” and as part of the additional voluntary production cuts of 1.65 million bpd announced in April 2023.
Under the decision, Saudi Arabia and Russia will post the largest increases, with each raising production by 62,000 bpd. In September, Iraq will increase output by 26,000 bpd, Kuwait by 16,000 bpd, Kazakhstan by 10,000 bpd, Algeria by 6,000 bpd, and Oman by 5,000 bpd.
The group’s next meeting is scheduled to take place on September 6.
