OPEC+: decision taken to increase oil production by 188,000 barrels per day from August
The aim is to increase market stability
The seven OPEC+ countries that implemented voluntary production cuts in 2023 – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – have decided to increase production by 188,000 barrels a day from August.
In a statement issued following the virtual meeting, the seven producers said that the decision reflected their “collective commitment to supporting the stability of the oil market”. They clarified that the gradual phasing out of the voluntary production cuts announced in April 2023 could be accelerated, suspended or reversed depending on how market conditions develop.
The countries also emphasised that the increase in production will give participants the opportunity to speed up the run-down of any production surpluses accumulated since January 2024, reaffirming their commitment to fully comply with the OPEC+ agreements, under the supervision of the Joint Ministerial Monitoring Committee.
The seven producers will continue to meet every month to assess market trends, compliance with quotas and progress on compensation. The next meeting is scheduled for 2 August.
