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Tengrinews.kz – The OPEC+ group of eight countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, has once again agreed to adjust oil production, according to the OPEC press service.
On September 7, representatives of the countries held a virtual meeting.
In light of stable global economic prospects and low oil inventories, the countries decided to increase production by 137,000 barrels per day from the level of additional voluntary cuts announced in April 2023.
These changes will take effect in October. However, the full volume of 1.65 million barrels per day may be returned partially or fully, depending on market conditions.
The participants emphasized that they would continue to closely monitor the market and, if necessary, retain the option to pause or cancel additional adjustments, including the previously introduced 2.2 million barrels per day cut from November 2023.
The countries also reaffirmed their commitment to fully offset excess production since January 2024. The Joint Ministerial Monitoring Committee (JMMC) will oversee compliance with the agreements.
The next OPEC+ meeting is scheduled for October 5, 2025.
Meanwhile, Kazakhstan's production quota will increase to 1.556 million barrels per day starting in October.
Photo: www.opec.org
As a reminder, Kazakhstan’s quota in August was 1.532 million barrels per day (excluding gas condensate), and it was raised to 1.550 million barrels starting in September.
