VIENNA: Seven OPEC+ countries agreed on August 2 to raise their combined oil production quotas by 188,000 barrels per day in September, the producer group said.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the increase during an online meeting. The official OPEC+ statement said the adjustment would help members compensate for earlier overproduction.
The increase completes the phased restoration of 1.65 million bpd in voluntary supply cuts introduced in 2023, Reuters reported.
However, export disruptions affecting Gulf producers, Russia and Kazakhstan have limited the effect of recent quota increases on actual global supply.
OPEC’s Joint Ministerial Monitoring Committee also warned that attacks on energy infrastructure and disruptions to maritime routes were increasing market volatility.
Read: OPEC+ Oil Supply To Rise By 188,000 Barrels In July
OPEC+ will retain a separate production cut of about 2 million bpd through the end of 2026. The group introduced that measure in 2022 as oil prices weakened.
Rystad Energy analyst Jorge Leon said OPEC+ could pause production increases during the fourth quarter. The group’s August 2 statement did not indicate whether it would raise, maintain or reduce quotas during that period.
Read: Saudi Arabia and Russia Urge OPEC+ to Agree on Oil Output Cuts
Meanwhile, OPEC+ is reviewing members’ production capacity before setting their 2027 output baselines. The negotiations could prove difficult as countries, including Iraq, seek quotas that reflect their expanded capacity.
The seven producers will meet again on September 6 to review market conditions.
