OPEC+ agrees to raise oil production from September

Seven leading OPEC+ producers implementing voluntary oil output cuts — Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Algeria — have agreed to increase production by a combined 188,000 barrels per day (bpd) in September compared with August.

Under the decision, Russia's production quota will rise by 62,000 bpd to 9.949 million bpd, while Saudi Arabia's quota will also increase by 62,000 bpd to 10.478 million bpd.

Iraq's quota will increase by 26,000 bpd to 4.431 million bpd, Kuwait's by 16,000 bpd to 2.676 million bpd, Kazakhstan's by 10,000 bpd to 1.628 million bpd, Algeria's by 6,000 bpd to 1.007 million bpd, and Oman's by 5,000 bpd to 841,000 bpd.

The seven countries also agreed to continue holding monthly meetings to assess market conditions, with the next meeting scheduled for September 6.

By Jeyhun Aghazada