OPEC+ To Raise Oil Production Quota By 188,000 Bpd From September

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to increase their oil production quota by 188,000 barrels per day (bpd) from September, the group said on Sunday.

In a statement, OPEC said the decision was reached during a virtual meeting of the seven member countries that had previously implemented additional voluntary production cuts in April and November 2023.

The countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

The group said it reviewed global oil market conditions and the outlook before agreeing to adjust production levels.

Under the agreement, Saudi Arabia and Russia will each increase production by 62,000 bpd, Iraq 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.

“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said.

The production increase will take effect in September.

The group said the adjustment would also provide an opportunity for participating countries to accelerate compensation for previous overproduction.

“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the statement said.

The countries reaffirmed their commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).

They also reiterated their intention to fully compensate for any excess production recorded since January 2024.

OPEC said the seven countries would continue to meet monthly to review market conditions.

The next OPEC+ meeting is scheduled for September 6.