OPEC+ Agrees to Raise Oil Production by 188,000 Barrels per Day in September

Dragon Media News Desk

Seven OPEC+ countries have agreed to increase crude oil production by 188,000 barrels per day in September compared with August levels.

The decision was announced in a statement issued by the Organization of the Petroleum Exporting Countries following a virtual meeting held on Sunday.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman participated in the meeting, during which they reviewed global oil market conditions and the outlook for the coming period.

According to OPEC, the additional 188,000 barrels per day will be gradually restored from the voluntary production cuts announced in April 2023.

The participating countries said the adjustment was consistent with their collective commitment to maintaining stability in the global oil market.

The meeting also noted that countries which had produced above their agreed limits would be given further opportunities to compensate by adjusting output in the coming months.

All seven countries reiterated their commitment to fully complying with the production targets established under the OPEC+ Declaration of Cooperation.

They also reaffirmed their commitment to fully compensating for production exceeding agreed limits since January 2024. Compliance will be monitored by the Joint Ministerial Monitoring Committee.

The participating countries said they would continue holding monthly meetings to review market conditions, production discipline and any necessary adjustments.

The next meeting to review production policy is scheduled for September 6.