Eight OPEC+ countries to increase oil extraction y 137,000 barrels a day in Oct

MOSCOW. Sept 8 (Interfax) - The ministers of the eight OPEC+ countries taking part in voluntary restrictions on oil extraction have approved an increase of oil extraction by 137,000 barrels a day in October, OPEC said in a statement.

In particular, the quotas of Russia and Saudi Arabia have been increased by 42,000 barrels per day, of Iran by 17,000 barrels per day, of the United Arab Emirates by 12,000 barrels per day, of Kuwait by 11,000 barrels per day, of Kazakhstan by 6,000 barrels per day, of Algeria by 4,000 barrels per day, and of Oman by 3,000 barrels per day.

The decision was made due to stable global economic outlook and favorable market conditions expressed in low oil reserves, OPEC said.

Restrictions of 1.65 million barrels per day can be reintroduced early - partially or fully - depending on the market situation, the statement said.

The next meeting of the eight OPEC+ countries will take place on October 5.