Eight OPEC+ countries to discuss necessity of increasing oil production by 548,000 bpd in Sept

MOSCOW. Aug 1 (Interfax) - The eight volunteer countries of OPEC+ will discuss whether it is necessary to increase oil production quotas by the 548,000 barrels per day (bpd) left over from cuts imposed previously.

The OPEC+ member states voluntarily introduced production cutbacks of 2.2 million bpd in 2023. In late 2024, they made the decision to increase the reference production level for the UAE by 300,000 bpd.

Starting from April 2025, the countries have been unwinding the cuts, by 138,000 bpd in April, 411,000 bpd each month in May, June and July and 548,000 bpd in August. As such, the volume left over from the original cuts is 548,000 bpd.

Interfax's sources have said that the countries could make the decision to remove the final portion of the cuts and increase production quotas by 548,000 bpd in September, but said on Friday that it was unclear at the moment which decision they might make.

The day before, Russian Deputy Prime Minister Alexander Novak visited Riyadh and discussed the oil market situation with Saudi Energy Minister Prince Abulaziz bin Salman.

The eight countries also have cuts of 1.65 million bpd in effect until the end of 2026.

Interfax's sources said that it was currently unclear what would become of these restrictions.