The additional volumes will come from eight members of the group: Saudi Arabia, Algeria, Casaquistan, United Arab Emirates, Iraq, Kuwait, Oman and Russia
It agreed on Sunday to increase oil production by 547,000 barrels per day (BPD) in September, completing the return of 2.2 million BPD that removed from the market by 2023. The cartel’s decision confirmed market expectations regarding the increase.
The additional volumes will come from eight members of the group: Saudi Arabia, Algeria, Casaquistan, United Arab Emirates, Iraq, Kuwait, Oman and Russia.
From September, the required production level of each of the countries will be as follows:
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- Saudi Arabia: 9.978 million BPD
- Algeria: 959 thousand BPD
- CASAQUISTAN: 1.550 million BPD
- United Arab Emirates: 3.375 million BPD
- Iraq: 4,220 million BPD
- Kuwait: 2.548 million BPD
- Oman: 801 thousand bpd
- Russia: 9.449 million BPD
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At the end of last year, OPEC+ had decided that it would increase oil production by 2.2 million barrels a day from April 2025, in a schedule that would end in the last quarter of 2026, anticipated by the current decision.
In a note published on Saturday, the group states that the rapid increase in production occurs in the face of a “stable global economic perspective and healthy market fundamentals, as reflected by the low level of oil inventories”. OPEC+, however, said that production increases can be reversed if market conditions so require.
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OPEC+ has also reiterated that it is willing to compensate for any production surpluses since January 2024, and has pledged to hold monthly meetings to analyze market conditions. The next meeting will be on September 7th.
