RIYADH: OPEC+ agreed on Sunday to raise oil production quotas by 188,000 barrels per day in September as the group continues to adjust output while supporting market stability.
The decision was taken during a virtual meeting of the seven OPEC+ countries that had previously announced additional voluntary production adjustments in April and November 2023. The countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
In a statement, the group said the 188,000-bpd adjustment would be implemented in September 2026 from the additional voluntary production cuts announced in April 2023.
The countries said the move would also provide an opportunity to accelerate compensation for previous overproduction. They reiterated their commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee.
The seven countries also reaffirmed their intention to fully compensate for any volumes produced above agreed levels since January 2024.
OPEC+ said the countries would continue to meet monthly to review global oil market conditions and the outlook. Their next meeting is scheduled for Sept. 6.
