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Tengrinews.kz – Eight OPEC+ countries have agreed to increase oil production by 547,000 barrels per day starting in September compared to August, citing OPEC’s press service.
Reference: OPEC+ includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The countries made this decision against the backdrop of a stable global economy and favorable market conditions, as evidenced by low oil inventories.
This is part of a broader plan to gradually restore production after the voluntary cut of 2.2 million barrels that had been in effect since 2023.
At the same time, the gradual rollback of additional voluntary cuts may be paused or canceled if market conditions change.
Photo: www.opec.org
“This flexibility will allow the group to continue to support oil market stability,” the statement reads.
The next online meeting of OPEC+ countries is scheduled for September 7.
Earlier in May, eight OPEC+ countries decided to begin gradually increasing oil production by 411,000 barrels per day starting July 2025.
