OPEC+ to discuss new steps for oil production

On September 7, eight OPEC+ countries – Russia, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Oman and Algeria – will consider the possibility of increasing oil production in October.

No final decision has been made yet: countries can either increase production or suspend expansion.

In September, the G8 has already increased quotas by almost 550,000 barrels per day, accelerating the release of voluntary restrictions on 2.2 million bpd, which were in effect above the general quotas. However, taking into account the mandatory compensation for overproduction, the actual increase will be about 528 thousand barrels, up to 32.36 million bpd.

Voluntary reductions of 1.65 million barrels per day will remain in place until the end of 2026. OPEC+ has been gradually abandoning additional restrictions on 2.2 million barrels introduced later since April, but the process has been accelerated: since May, countries have been increasing production by hundreds of thousands of barrels per month, and September will be the fourth consecutive month of such expansion.