OPEC+ member states to increase oil production in Sept by 547,000 bpd due to stable global economy outlook, favorable market conditions

MOSCOW. Aug 4 (Interfax) - The eight OPEC+ member states which decided to voluntarily limit their oil production by 2.2 million barrels a day (bpd) in 2023, namely, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, made a decision during a meeting on August 3 to increase the oil production quotas by 547,000 pbd compared to August, the OPEC+ said in a statement.

The decision was made "in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories," the statement said.

This increase is equivalent to four monthly increments planned previously. Since April, the eight countries have been increasing their oil production in accordance with the plan approved in December 2024.

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, the statement said.

This measure will provide an opportunity for the participating countries to accelerate their compensation for previously under-reduced volumes, it said. The eight countries reiterated their collective commitment to the full implementation of the agreement.

The next meeting is scheduled for September 7.