OPEC+ Agrees to Increase Output by 188,000 Barrels per Day Starting in September
Seven Countries Including Saudi Arabia to Resume Supply from September
Seven member countries of the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition of major oil-producing nations have decided to increase production by 188,000 barrels per day starting in September.
The OPEC Secretariat announced in a statement on August 2 (local time) that seven countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting on the same day. After reviewing the global oil market situation and outlook, the countries reached this agreement.
In order to support international oil prices and stabilize the oil market, these countries will return 188,000 barrels per day of the voluntary production cuts announced in April 2023 back to the market starting in September. The seven nations had previously announced voluntary production cuts twice, in April and November 2023.
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OPEC+ plans to continue holding monthly meetings to monitor market conditions and implementation of production cuts. The next meeting is scheduled for September 6.
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