Eight key members of the OPEC+ alliance, including Russia and Saudi Arabia, have agreed to increase their collective oil output. According to data from OPEC, these nations will boost production by 528,000 barrels per day (bpd) in September as part of their compensation plan. The decision comes as the group continues to unwind a previous 2.2 million bpd cut that was phased out starting in April.
The countries involved in this production increase are Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The group met virtually to assess global market conditions and cited a steady global economic outlook and healthy market fundamentals as reasons for the adjustment. The individual output targets for several of these nations were also specified, though these figures do not account for the compensation mechanism.
This move marks another step in the alliance’s strategy to balance market share with price stability. The group has announced that it will hold monthly meetings to review market conditions and ensure full compensation for any previous overproduced volumes. The next meeting is scheduled for September 7 to decide on any further adjustments.
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OPEC+ output hike: V8 to raise oil production by 547,000 bpd; move aimed at reclaiming market share
OPEC+ to raise oil output by 547,000 bpd in September as market stabilizes – Nairametrics
Opec+ agrees to 547,000 bpd oil output increase for September | The National
