Eight participating countries will introduce production at a level of 547 thousand barrels per day in September 2025.
Eight countries of OPEC+Member, who have previously been willing to have a limited production in excess of established quotas (Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman), have come up with the next increase in sunny oil -making oil in September -by 547 thousands of barrels compared to August. This is stated in a press release from OPEC following an August 3 meeting.
The decision emphasizes that the basis for such a step is “stable prospects for the world economy and a desirable market situation, confirmed by low oil reserves.”
This increase will complete the accelerated monthly increase, which began in April-after the production grew an average of 411-548 thousand barrels monthly, rather than the planned 130-140 thousand. Thus, the rise of September means complete completion of the return market of 2.2 million barrels per day, with countries voluntarily reduced in 2023.
However, eight countries, as well as Gabon, still support the current labor restriction for 1.65 million barrels per day.
Until April, the country should reduce 4.6 million b/s, in particular Iraq – 2 million, Kazakhstan – 1.3 million, Russia – 0.7 million. However, Kazakhstan said in the spring that he could not reduce production increase due to the launch of new Tengiz capacities.
According to compensation schedules, OPEC+ total quota in September will be 37.556 million barrels per day, 528 thousand more than August.
The next meeting of OPEC+ countries is scheduled for September 7. The press release emphasizes that the schedule of gradual decline of voluntary restrictions may be suspended or changed in the event of market conditions worsening.
Keep in mind that a few days ago OPEC+ came up with a sharp rising oil manufacture in August 548 thousand barrels per day.
And in June, OPEC countries increased oil production by 270 thousand barrels per day due to Saudi Arabia and the UAE.
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Source: korrespondent
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