OPEC+ may increase oil output in September

Eight OPEC+ countries (Saudi Arabia, Iraq, Kazakhstan, Russia, Oman, Kuwait, UAE, and Algeria) may decide to increase oil production in September during their meeting on August 3, with the scale of the increase still under discussion.

OPEC+ is likely to approve another oil production increase on Sunday… the group of producers is still discussing the final size of the increase for September, the agency wrote.

Three sources said the “group of eight” may raise production by 548,000 barrels per day. At the same time, four other sources noted that discussions on the increase volume are ongoing and that it will likely be smaller.

Eight of the 19 OPEC+ agreement participants, in addition to their quotas, have voluntary production cuts of 1.65 million barrels per day in place until the end of 2026. There are also additional restrictions introduced later—another 2.2 million barrels. It was initially planned that the production increase would take a year and a half.

However, in early April, the OPEC+ “voluntary eight” decided to accelerate the easing of restrictions and boost oil output by 411,000 barrels per day starting in May. Similar decisions were made for June and July. In August, these countries agreed to raise the permitted production level by 548,000 barrels per day.