Seven OPEC+ member countries have decided to increase their oil production by 188,000 barrels per day starting in September, according to sources.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting to evaluate global market conditions and outlook. According to an OPEC statement.
The production increase in September will be distributed among Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. According to an OPEC statement.
Production breakdown
Saudi Arabia and Russia are expected to each increase their daily production by 62,000 barrels. Iraq is set to increase its daily production by 26,000 barrels, while Kuwait's increase will reach 16,000 barrels per day.
Kazakhstan will increase its daily production by 10,000 barrels, Algeria by 6,000 barrels, and Oman by 5,000 barrels in September.
Total OPEC+ production cuts as of March 2025
Context of production cuts
Current OPEC+ production cuts consist of a 2 million barrel per day cut announced in October 2022, a 1.65 million barrel per day voluntary cut announced in April 2023, and an additional 2.2 million barrel per day voluntary cut announced in November 2023.
During the April-September period last year, OPEC+ member countries reclaimed 2.2 million barrels per day of their cuts through gradual production increases. Additionally, a process to gradually phase out the 1.65 million barrel per day cut is scheduled to begin in October 2025.
The next OPEC+ meeting is scheduled for September 6.
