OPEC+ nations agree on increasing oil production by 137,000 barrels a day in October
Thus, according to OPEC, Russia and Saudi Arabia will be allowed to increase daily output by 42,000 barrels each, Iraq – by 17,000 barrels, the United Arab Emirates – by 12,000 barrels, Kuwait – by 11,000 barrels, Kazakhstan – by 6,000 barrels, Oman – by 3,000 barrels, and Algeria – by 4,000 barrels
The eight leading OPEC+ nations have decided to increase oil production by 137,000 barrels a day (on the September level) in view of the favorable market outlook, the OPEC said after the OPEC+ meeting.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023,” it said.
“This adjustment will be implemented in October 2025 as detailed in the table below. The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.
The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023,” it said.
Thus, according to OPEC, Russia and Saudi Arabia will be allowed to increase daily output by 42,000 barrels each, Iraq – by 17,000 barrels, the United Arab Emirates – by 12,000 barrels, Kuwait – by 11,000 barrels, Kazakhstan – by 6,000 barrels, Oman – by 3,000 barrels, and Algeria – by 4,000 barrels.
Now, Russia’s production quota is 9.491 million barrels per day, Saudi Arabia’s – 10.02 million barrels per day, Iraq’s – 4.237 million barrels per day, Kuwait’s – 2.599 million barrels per day, the UAE’s – 3.387 million barrels per day, Kazakhstan’s – 1.556 million barrels per day, Oman’s – 804,000 barrels per day, and Algeria’s – 963,000 barrels per day.
