ASTANA – Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, will increase oil production by a combined 547,000 barrels per day in September, citing stable global economic conditions and healthy market fundamentals.
Photo credit: Reuters
According to OPEC’s press service, the increase corresponds to four monthly increments, as outlined in earlier plans.
The decision was made during a virtual meeting of the producers on Aug. 3 and marks a continued step in phasing out the group’s voluntary production cuts totaling 2.2 million barrels per day, which began easing in April.
The gradual return follows an agreement reached on Dec. 5, 2024, and reflects low global oil inventories and steady demand outlooks.
“The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” reads the statement.
The producers also pledged to accelerate compensation for any overproduction from January 2024 and reaffirmed their commitment to the Declaration of Cooperation. The Joint Ministerial Monitoring Committee (JMMC), which oversees compliance, will continue to monitor the adjustments.
The eight countries are set to convene on Sept. 7 again.
